- Do not trade unless you have a trading plan. You need to know what you will do before the market opens.
- Trade a method not individual hunches. One trade outside a trading method means nothing.
- Stop fighting the trend in your time frame and start following it.
- Quit trying to predict what will happen and start reacting to what is happening.
- Use stop losses in your trades to limit how much money you lose when you are wrong.
- Place your stop losses outside the regular ‘noise’ of price action, put it where it shows you are wrong.
- Trade a position size you are emotionally and mentally comfortable with. Keep your mind in charge of your trades.
- Focus on limiting losses and draw downs in capital this will give you a chance to be profitable.
- Turn off financial television and focus on the price and chart action.
- Quit trying to win the lottery with your trading and instead focus on being the casino trading against the gamblers.
