Here are probably some of the utmost importance things I have learnt and realized:
- Find your own rhythm and niche... Where is your strength? scalping or day trading is fun and exciting but do you have the time consistently and mental agility! So, do what you good at NOT what you want to do.
- Trading is like other businesses... Survivorship and fighting of your whole life! If you need money desperately in order to pay your monthly bills, go get a job first instead of trading because it is already so much of pressure in trading. To succeed in trading, you need to avoid those noises!
- Capital is King... So, never ever let losses wipe out your capital. Don't do anything stupid that can jeopardise your capital. Grow your profit first and only take 50% risk on your profit.
- Trading Technical... You won't have the opportunity of "First Hand Info" and you can't trade on it too! Thus, find a technical indicator (or 2!) that suit your trading mentality. Do research on its historical and theoretical profit and loss, patterns of losing trades and maximum drawdowns, monthly profit and loss, proven profitable yearly trades that is must show profit every year...etc.
- Hard work... Money won't fall from the sky, a lot of trial and error in trading success from technical (trend) indicator trading. Therefore, paper trading your entry and exit points in order to find your trading patterns and it is less painful than doing real trading to find your trading discipline.
Good Luck
Be a disciplined trader.