- Commit to doing the work to become a successful trader.
- Study the top resources for trading success.
- Decide what level of annual returns you want to make on average.
- Decide the maximum capital draw down level you can tolerate and accept.
- Become a reactive trader not a predictive trader, learn how to trade price action.
- Focus on a system with a winning risk/reward ratio. Bigger winning trades than losing trades.
- Build and back test a trading methodology that is profitable over many different market environments and meets your requirements.
- Write a trading plan that quantifies entries, exits, positions sizing, and your rules.
- If you have the personalty to trade this system and plan with real money then proceed.
- Eliminate the risk of ruin by never losing more than 1% of trading capital on any one trade.
- Stick to your plan with discipline.
- Trade multiple systems to improve your chance of profitability.
- Never quit learning and improving on what you do.
- Only trade markets you are familiar with and have done the research on.
- Never quit, never give up.
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