Analyzing the quote “I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.” – Tom Basso
I think there is one major flaw with that kind of thinking. The flaw is that you should not think about these aspects of trading like price action at analyzethisfx.com as separate.
Yes, trading psychology, risk control and rules for buying and selling are all parts of a machine, but they only work when they’re put together. Do not put different priorities on the different parts. The machine does not work without all of its parts. This machine is your trading approach. If you are struggling with your trading, then one or more of your machine parts is broken.
First, you need to be somewhat sure that the finished machine will work in the first place before you start building it. My advice is to learn about price action because, unlike everything else, it provides real, logical and scientific explanations about trading and the market. These explanations make trading elegant – simple, clear and understandable. Understanding what you are doing and why is the key to profitable trading.