Livermore said that almost every consistently profitable trader has to go through three very brutal stages.

The first stage is when the market shatters your confidence.
Many people, after making a few trades, think they understand the market, start to heavily leverage, and this often marks the beginning of a big loss.
At this stage, you'll realize that the most dangerous thing in trading is usually "I'm very sure."
The second stage is learning to wait.
The difficulty is no longer not understanding the market, but being able to resist acting after understanding.
You begin to accept holding cash, letting go of opportunities that aren't good enough, and gradually realize that profits often come from doing fewer wrong things.
The third stage is no longer fighting the market.
You no longer obsess over predictions, nor rush to prove your judgments correct, but focus more on price, rhythm, and emotional changes.
By this point, trading gradually shifts from hard analysis to a more stable reactive approach.
These three stages are an insurmountable alchemical furnace; no book, course, or shortcut can let you skip failure and humiliation to reach profitability directly.
It will burn away your arrogance, impatience, and desire to prove yourself.
Only after enduring all this can you achieve complete self-control.