1. No more than 20% of the value of your account into any single trade.

 

2. Risk no more than 2% of your account value on any 1 trade. (ideally 1%, but that’s just not always possible)

 

3. Always have a trade plan. Know where you’re stop is, and stick to the plan. (you can always re-set and take it again at the next levels)

 

4. Set profit targets. Use daily levels to determine this. Pay yourself every day on positions if possible. 

 

5. Never aim for a home run. Consistent base hits is is the key to longevity in this game. No one ever went broke by paying themselves. Take a position, take profits, and let some run for the bigger picture idea.

 

6. Never bag hold. Take the loss, accept that its a part of what we do. Don’t be stubborn. Don’t fight the market.

 

7. Always position yourself in accordance with the risk. Look at your technical stop level. Look at the entry price. Ask yourself, if this goes against me, am I risking more than 1 or 2 % of my account?? Am I OK with this risk?? 

 

8. Never trade with money that you cant afford to lose. 

 

9. After big wins, or losses, take a short break. Emotions, both good and bad, can cloud ones thinking and judgment, and, lead to bad decisions. 

 

10. Enjoy yourself. Enjoy trading. This can be an amazing journey your setting out on. So, lets do this together, and make some money!!