Constant checking of your site statistics can ruin the fun of blogging. If you look at the statistics frequently enough, it will change your attitude towards blogging. When the graph is climbing up, you will feel on top and naturally more ideas will flow, however when it starts going down, you may suffer writer block. The ideas seems to cease and you feel like packing up the blog.
So is it wrong to check the site statistics? No, that is not what I mean. I just want to point out that the daily movement of your site statistics should not be allowed to discourage you from working towards your goal.
I have observed that every blog or website, no matter how popular, suffers the same fluctuations in site statistics. Ask successful bloggers, they will tell you that some days, week and months are better than others (sometimes the fluctuation has no correlation with the quality of posts on your site).
A post that did not receive attention when you wrote it may suddenly become a traffic puller because its content addresses an issue that is currently among the hot topics in the blogging community.
However, you need to study the trend being shown by the statistics at least once a week so that you will know what the trend has been like. The statistics is meant to be a tool (for improving on your effort), not a verdict on the success or failure of your blog!
If you have a goal and you are working on it, then you are already succeeding. It does not matter if Google Analytics, Alexa, FeedBurner and other statistic tools think otherwise. 🙂