(1) Know the difference between trading and investing. We are traders, NOT investors. Discipline is doing the right thing at the right time...every time! Survival in this business is dependant on the right decisions.
(2) Don't let losers run! Always use stops (i.e. Initial Stop Losses [ISL's]). Have an absolute limit - like a maximum of 8% of the stock value (taught in the 'PSTS' course). Risk management is very, very important in your trading. Don't be stubborn in holding a position/opinion. Remember, while you may not be wrong often, The Market Is Always Right. The best traders are the first to admit (to themselves and the market) that they made a mistake.
(3) Trade only price pattern set-ups (taught in the Trading Concepts 'PSTS' Course).
(4) Trade for skill, NOT the money. If you're focused on the money aspect of trading...you're not focused on the 'trade'. And SCARED MONEY NEVER WINS!
(5) Concentrate on 2 to 4 stocks at a time (if that's you comfort level). Remember that stocks have personalities, habits and friends...get to know them all.
(6) Focus on your executions. Remember, every execution is a trade. Money is valuable...don't leave it on the table.
(7) Model Yourself After Successful and Experiences Traders. You will be all you can be...but you need to start somewhere. That's where the Trading Concepts 'PSTS' becomes invaluable to you as a trader.
(8) Be Teachable. Learn something new everyday (or at least every week). The 'Losing' and 'Winning' trades can teach you a whole lot.
(9) Remember that even the best of the best traders lose money. Learn to accept your losses and move on to the next trade. That's just part of the business - you will NEVER win 100% of the time.
(10) Use relatively small share size...at least at the beginning. Large wins at the beginning generally means large exposure.
(11) When in Doubt, Get Out (or Stay Out)!! Deal with reality, if it (the stock) doesn't behave like you expected, Get Out Of The Market Immediately!
(12) Learn the difference between gambling and trading: (1) Don't trade a stock just because it's irrationally high or low, (2) no new positions before the market opens, (3) no positions before major market announcements, (4) always use a protective stops (ISL), and (5) always have a high probability trade set-up before putting on a trade (a 'PSTS' for example).
(13) Never, ever add to losing trades.
(14) Don't' overtrade. Trade more only as you get more experience and only if you're Winning. Not the Opposite.
(15) Be Logical, NOT Emotional. Emotions can help destroy you as a trader - be very logical and follow your trading rules.
(16) Exercise Patience. Do not force trades when there are none.
(17) Exercise Diligence. Do your homework and preparation before each and every trade. Be willing to let time do its work. Hard work is required in this business.
(18) Anticipate, identify and take full advantage of momentum in the market. (for example, the 'Extreme Upside & Downside Running Patterns' as taught in this Course).
(19) Always select realistic entry and exit points and write them down. This goes hand in hand with doing your homework and preparation before each and every trade.
(20) Maintain a list of your current open stock trades, monitor them closely, and try to limit them to 2-4 LONG trades and 2-4 SHORT trades.
Disclaimer : Any action you choose to take in the markets is totally your own responsibility. I will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information.