Work hard and the results will come. Always think in the long term. There is no shortcut in this business. The only way to make a success is to get proper education and work and practice on the learned knowledge. Qualitative education is needed if you want to achieve success in this business.
Today’s market behavior is significant only when it’s compared to what the market did yesterday, last week, last month, even last year. There are no predetermined, never-fail levels where the market always changes. Everything the market does today must be compared to what it did before.
Learn to harness losses It is natural, at first, to be hurt by a loss. Instinctively we feel this as a failure but in force, nothing could be further from the truth. Each loss is an opportunity to learn, and every successful system should allow for an acceptable volume of losses. They are not a signal of failure unless they are happening more often than your gains, and your capital is falling significantly. Focus more on the bigger picture than the individual trade, to measure the success of your system, research why trades have failed when they did not pan out and see if there is evidence of possible tweaks to improve your system.
Never risk more than 1% from the account in a single day
Always use stop-loss orders. Placing a stop-loss order is great way to stop emotional decisions and prevent losses from mounting. A stop-loss gives you important protection for your capital.
Never base a trade on indicators, use your own conclusion and logic to make a decision. Indicators can be helpful but just like an additional tool.
Never base trade on one type of chart or one-time frame. Watch different type of charts and use different time frames before any trading decision. Watching only one-time frame and one type of chart is not good, because you just limit yourself and your potential profit.
Work on yourself and on your attitude. Always try to improve your knowledge and your attitude.
Learn from mistakes during your trading. Having a mistake is OK but not learning from a mistake is not OK.
Create a good trading plan before you start to trade.
Don’t expect the market to behave exactly the same way twice. The market is an artist, not a computer. It has a repertoire of basic behavior patterns that it subtly modifies, combines and springs unexpectedly on its audience. A trading market is an entity with a mind of its own.
