10 Tips for a Successful Trader

1. Keep a Diary

Keep track of the trades you make and other information such as: date, time, market, P/L and reason behind your decision so that you can learn from mistakes made and repeat the strategy that works for you.

2. Have an Exit Strategy

It is just as hard to know when to exit a winning trade as it is to know when to cut your losses with a losing trade. Have a plan as to what level of profit you are happy to exit the trade with and stick to it by setting a stop loss at this level once the price passes it.

3. Always set a Stop Loss

4. Respect the Market

5. Trade like a Sociopath

6. Don’t Overtrade

7. Risk only What you can Afford to Lose

8. There is no Silver Bullet

9. Be Disciplined

10. Never risk more than 5% of your capital on one trade

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