Avoid the followings to stop your losses:

• Do not pay attention to others ideas and beliefs.
• Do not trust your friends and colleagues views.
• Do not disregard and ignore the trading rules and laws.
• Do not trade without a strategic base.
• Do not let greed control you.
• Do not follow other trader’s methods and strategies blindly.
• Do not base your trades on strategies that you change everyday, therefore only follow one strategy.
• Do not trade in groups.
• Use your complete potential during trading.
• While trading, do not let other thoughts enter your mind. Focus on your trade only.
• Do not consider trade as a hobby, take it seriously.
• Do not base your trades on your luck.

3 steps to ensure your success:

1. Have your own strategy.
2. Learn how to manage your risk and your equity.
3. Be patient and don’t become emotional.

Evident facts of the market:

Knowledge gives the edge.
Knowledge = Income.
Lack of knowledge = Lack of Income.

The psychology of successful trading:

Educate yourself on how the market works.
Have a well analyzed and well thought out Trade.
Quantify a potential loss. Do not risk everything on one trade and do not overtrade your account.
Create a trading plan and trade that plan.
Do not deviate from your plan without creating and having another clear trading plan.
Maintain your focus.
Do not marry a trade. Be quick to change directions if that is what the chart is saying.
When in doubt, stay out.
There are many trading systems. However, the most important trading system is you.
You must have a trading Mantra, an education on how the market works and a clear set of trading rules that you will obey.
Have strong self-confidence.
Be patience and independence.
Have a clear risk management strategy.