1. Be a bull primarily in an equity bull market by buying dips.
  2. Be a bear primarily in an equity bear market by shorting strength.
  3. Keep your watch list limited to what you actually know how to trade based on research.
  4. Trade position sizes big enough to make a win manner but small enough to keep emotions in check.
  5. Admit when you are wrong quickly but let a winner run as far as it will go inside your own time frame.
  6. Trade with a trading plan not your ego.
  7. Quit thinking the future already exists and you can predict it, trade the present moment price action.
  8. Focus on making money not being right.
  9. Don’t start trading until your account is big enough to handle the commissions as a small percentage of expense.
  10. In winning streaks you can be more aggressive but control risk tightly, in losing streaks trade smaller and smaller until your winning streak starts again.


By Steve Burns

After a lifelong fascination with financial markets, Steve began investing in 1993 and trading his accounts in 1995. It was love at first trade. After more than 30 successful years in the markets, Steve now dedicates his time to helping traders improve their psychology and profitability. New Trader U offers an extensive blog resource with more than 4,000 original articles, online courses, and best-selling books covering various topics.