I have taken these from my own notes, they may be taken from the Pipschool, I honestly can’t remember. Anyhow, I think they are worth taking on board for new traders.
[B]Focus on the process, not the profit[/B]
Study the market, how it moves and why.
Investigate different trading techniques, testing them on demo.
Study different indicators, demo them, dump them if they don’t work for you.
Learn to manage risk with appropriate size positions and stop losses. Your demo account may start you with $50k, I suggest you ignore this unless you intend opening an account with $50k of your own cash. If you are likely to only have $1k when you go live, try only demo trading with $1k. If you use the full $50k you may get into a habit of trading unrealistic lot sizes.
Demo everything new before trying it live.
Record everything in a journal.
Follow a Trading Plan.
[B]Be patient, stay disciplined[/B]
Wait for the right opportunities, they MUST meet your Trading Plan criteria. You don’t HAVE to trade.
Research news and be aware of upcoming news events before trading everyday.
Study the charts to see what has happened overnight.
Review your journal daily before you start trading and after your trading day has finished.
[B]Enjoy what you’re doing[/B]
Don’t take losses personally and don’t get carried away by your wins. Treat every loss as an opportunity to learn.
Look for ways to improve your Trading Plan.