1. Always Pay Yourself
One of the biggest mistakes traders make is turning winning trades into breakeven trades. If you’re up 2R (2 times your risk), don’t let the market take it all back. Take partial profits, move your stop, and lock in gains. You worked hard for that trade - reward yourself.
2. Small Size, Small Risk, Steady Gains
You don’t need huge positions to make money. In fact, smaller trades with smaller risk often lead to more consistent wins. Focus on base hits. Singles and doubles add up over time and protect your capital during rough patches.
3. When in Doubt, Stay Out
If you’re confused, frustrated, or unsure - stop trading. The best trade sometimes is no trade. Protecting your capital is always priority #1.
4. Discipline Over Dopamine
The market can feel like a video game, tempting you to click. But every unnecessary trade is unnecessary risk. Professionals stick to their plan, stay patient, and don’t let emotions take over.
5. Less Trading = More Success
You don’t need to trade all the time. In fact, overtrading destroys many accounts. The fewer bad trades you take, the better your results. Quality beats quantity every time.
6. Avoid FOMO and Hype
Social media is full of people hyping up stocks, forex pairs, and crypto coins. Ignore it. Hype fades, but losses stick. Trust your research and plan. Don’t let someone’s tweet cost you your money.
7. The Market Owes You Nothing
You’re not entitled to a profit just because you showed up. The market doesn’t care about your needs or losses. Success comes from discipline, not entitlement. Earn your edge every day.
8. Adapt Instead of Predict
You don’t need to know what will happen next. Great traders react to what the market gives them. If your trade isn’t working, adapt. Cut losses fast. Let winners run. Stay flexible.
9. Be Patient, Don’t Do Stupid Things
Most big losses come from impatience and impulsive trades. If you want to avoid feeling stupid later, don’t make emotional decisions now. Sit on your hands until your setup appears.
10. Trade a System That Fits YOU
There’s no perfect strategy for everyone. The best system is one that matches your personality, schedule, and mindset. What matters most is finding an approach you can stick with and master.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.