In my experience as a newbie I've come to understand that one major factor that contribute to total failure in the market is when we approach the market with the wrong mindset due to mis-education, misinformation or whatever. There are some falsehoods I believed and held as truth, and some truths I learnt the hard way.
I call on more experienced traders to please contribute here and tell us in clear statements the DO'S and DONT'S, the MYTHS and REALITIES, the TRUTHS and FALSEHOODS and other useful tips gathered by learning and experience.
As for me one "DON'T" I learnt the hard way was; Don't fight the market. Even when you are absolutely sure that you are right about your judgments but you see the market doing the exact opposite. Be humble, don't argue, accept it and say the market is always right. If you persist only one thing can happen: you lose money.
Therefore, trade in harmony with the market and you will have many happy trading days. Long (or get out of the market if you were short) when the market is going up, and short(or get out of the market if you were long ) when the market is going down.(Of course it is not that simple). Wise and informed stop loss entry really helps in this area and don't start moving the stops up and down.
Someone Please correct me if I am wrong.