Never risk more than 10% of your trading capital in a single trade. Always use stop loss orders.
(Here you should know your loss you can give in a situation where the trade starts going against you.)
1. Never let a profit run into a loss.
2. Never do over-trading.
3. When in doubt, get out, and don’t get in when in doubt.
4. Don’t enter a trade, if you are unsure of the trend.
5. Avoid taking small profits and large losses.
6. Never average a loss.
7. Avoid taking small profits and large losses.
8. Never cancel a stop loss after you have placed it.
9. Never hedge a losing position.
10. When you lose, don’t blame it on luck.
11. Don’t follow a blind man’s advice.
12. Never change your position without a good reason.
13. Be willing to make money from both sides of the market.
14. Never buy or sell just because the price is low or high.
15. Never get out of the market because you have lost patience, or get in because you are anxiously waiting.