[SunTrader]

My number rule is ........ discipline.

Without that all others are immaterial.

[AgeKay]

I agree. I've never learning anything from winning trades, it was always the losing trades that taught me a lesson.

[SIUYA]

On getting the head around losing trades, a great piece of advice is not to think about them in terms of individual losses but as part of a series of trades.

Once you understand and accept that there will be losses, its a matter of reminding yourself with these losses there will be wins, and that is what you are after. Every business has them, from inventory losses, spoilage, drilling mines that dont work until you hit the mother load, reasearch and development. Its all a matter of 'tricking' yourself in how they are perceived.

[McKeen]

#1 Rule for me is most definately:

Control of losses = no opening of trades if it is not clear where to put the stoploss.

/ McKeen

[skyfly1715]

My number one rule, is to follow my rules lol.

[NoDoji]

Practice letting winners run. By letting smaller winners retrace and stop you out break even, instead of always grabbing anything that's green, you eventually learn to capture those big winners that can pay for several losing days in a single trade.

[MightyMouse]

My Favorite rule:


Be humble. You do not know what the market is going to do next.

[MadMarketScientist]

A favorite rule of mine that I was reminded of this week after a particularly crappy day is to review your trades, assess if there was anything you could have done different, compartmentalize it, and walk away. Do not take it with you for the rest of your day. Don't take it out by being short with your family or friends. Don't beat yourself up and cry about the market's conspiracy against you. Don't take it personal. Then, come back strong tomorrow, fight hard and make it back. In the end, it's not going to do you any good to beat yourself up and those around you.