1. As a novice trader, one of the biggest mistakes you can make, especially after having had a number of successful trades, is thinking you know what you are doing when you actually don´t. This will be the cause of every trading error you have the potential to make.
2. It takes absolutely no skill at all to place a winning trade. It does to consistently do it.
3. Be unoriginal. Save the innovative strategies and custom indicators for when you have learned how to trade.
4. Do not judge a trade on its result. A good trade can turn out a loser. A bad trade can turn out a winner.
5. Don’t focus too much on making money in the beginning. As you are still improving, it should not be your goal to make money. It should be your goal to make good trades.
6. In trading, there is no supervisor or manager reviewing every decision before it’s made. Success, for better or worse, is totally self-dependent. This is not for everybody. Find out if it’s for you.
7. Though this site has many of its members emphasizing on technical analysis, don’t underestimate the impact of fundamentals on price action. Understanding them will increase your edge in trading.
8. Don’t overemphasize the importance of finding the best trading system. Equally important are psychology and money management.
9. Online chat rooms can be good learning tools and from time to time very entertaining, but beware of entering trades that are not part of your trading plan or trade setups that you have not studied for yourself.
10. Eliminate your mistakes. Do this on a daily basis, mistake per mistake. Eventually you will run out of mistakes to make.