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1. Psychology. Execution is just clicking buttons; psychology is having the discipline to follow your rules and manage risk without letting fear or greed interfere. 2. Yes, but it's much harder. While purely systematic mechanical traders can survive without it, understanding liquidity prevents you from constantly buying at local tops and selling at local bottoms. 3. Patience. Confidence without patience leads to overtrading and forcing bad setups. Patience ensures you only execute when the market aligns with your edge. 4. Risk management. If you can perfectly control your losses, you can have a low win rate and still remain highly profitable over the long term.