1. Trade in the direction of the trend. Buy at or near rising 20 period MA, sell at or near downward sloping 20 period MA.This will eliminate 70-80% of your losing trades.
2. Always cut your losses and let your profits run. Take small losses and large wins.
3. Trail stop loss. Don't let a profitable trade turn to a looser.
4. Trade as per plan. Don't trade unless you know where you should get in and where you should get out.
5. Always use protective stop to limit your losses.
6. Learn to be patient. Don't trade impulsively. Wait for the right opportunities and setup.
7. If the reason you entered the trade is no longer valid, get out.
8. Do your own homework. Keep ready long/short levels to enter trade. Make use of system to inform you when the target entry/exit price is there for the taking.
9. Be open to research.
10. Give time to your sytem to work. If your method of trading is working, don't keep changing it.
11. Remember the market is never too high or low to buy or sell.
12. Be disciplined. A trader has periods of profit or losses. Don't let the losses get to you psychologically.
13. No indicator that is a 100% right all the time. Use common sense along with your method of trading. If your indicators are telling you one thing but the market is obviously doing something else, listen to the market.
14. Remember the golden rule - The market is always right.
15. Never risk all in a trade/trades. Max. loss on open positions should never be more than 5% of capital. Close all loosing positions immediately if this loss level is reached.
16. Don't overstrech your capital. Trade markets you are sufficiently capitalized for.
17. Never trade with money you cannot afford to lose.
18. If you hit your target profit, take it, or atleast protect with trailing stop loss.
19. Don't revenge trade and try to make up for all your losses in one trade.
20. Don't blindly follow someone else's recommendations or tips.
21. If there are few consecutive days of losses or there are a row of loosing tades, take a break for a few days or weeks. Trade only when you are in the right psychological frame of mind.
22. Don't trade to many markets. It's better to be an expert in one market than a novice in many.
23. If there is a marging call, it means something went wrong with your trade, and exit the trade.
24. Don't take losses personally.
25. Most important, have a life besides trading. If you are not happy with life in general, you will not be in the right frame of mind to be trading.
2. Always cut your losses and let your profits run. Take small losses and large wins.
3. Trail stop loss. Don't let a profitable trade turn to a looser.
4. Trade as per plan. Don't trade unless you know where you should get in and where you should get out.
5. Always use protective stop to limit your losses.
6. Learn to be patient. Don't trade impulsively. Wait for the right opportunities and setup.
7. If the reason you entered the trade is no longer valid, get out.
8. Do your own homework. Keep ready long/short levels to enter trade. Make use of system to inform you when the target entry/exit price is there for the taking.
9. Be open to research.
10. Give time to your sytem to work. If your method of trading is working, don't keep changing it.
11. Remember the market is never too high or low to buy or sell.
12. Be disciplined. A trader has periods of profit or losses. Don't let the losses get to you psychologically.
13. No indicator that is a 100% right all the time. Use common sense along with your method of trading. If your indicators are telling you one thing but the market is obviously doing something else, listen to the market.
14. Remember the golden rule - The market is always right.
15. Never risk all in a trade/trades. Max. loss on open positions should never be more than 5% of capital. Close all loosing positions immediately if this loss level is reached.
16. Don't overstrech your capital. Trade markets you are sufficiently capitalized for.
17. Never trade with money you cannot afford to lose.
18. If you hit your target profit, take it, or atleast protect with trailing stop loss.
19. Don't revenge trade and try to make up for all your losses in one trade.
20. Don't blindly follow someone else's recommendations or tips.
21. If there are few consecutive days of losses or there are a row of loosing tades, take a break for a few days or weeks. Trade only when you are in the right psychological frame of mind.
22. Don't trade to many markets. It's better to be an expert in one market than a novice in many.
23. If there is a marging call, it means something went wrong with your trade, and exit the trade.
24. Don't take losses personally.
25. Most important, have a life besides trading. If you are not happy with life in general, you will not be in the right frame of mind to be trading.
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