1. Most of the people think that strategy is the holy grail in trading but my friend, trading strategy will contribute only 5% of trading success in your career as a trader. The holy grail is trading psychology and money management, that constitutes 75% & 20% respectively.
2. Never trade in low volume stocks & penny stocks.
3. Never trade on the tips provided by others. Believe in yourself and trade with your own mind.
4. If you want to become a profitable trader in the long run, don’t gamble in financial markets. They are not stupid and you’re not as smart as you think.
Recommended Reading: Super Trader, Expanded Edition: Make Consistent Profits in Good and Bad Markets By Van K. Tharp