Never Look Back
Contrary to what popular songs of today might say, where they encourage you to look back at it, NEVER look back at trades you sold out of. Well, at least until a little later where emotions simmer down, and it will not mentally mess you up.
Use A Trade Journal
Journaling your trades is probably the LEAST sexy aspect of trading. Some probably actually treat it like a rubber and forego it entirely when they enter their position. They raw dog the trade, slip up, then wonder what happened and how they ended up here. Forgive all the imagery, but I want to drive the point home: You should be journaling your trades.
Plan Your Trade, Trade Your Plan
“Go wherever the wind takes me”
This is something we’ve heard multiple times and is sometimes interpreted as being free-willed, adventurous and open minded. Some will even say it’s romantic. It is all of those and more, but in the right situation.
Trading Confluence
Skilled traders take trades that have high-quality setups, based on a confluence of multiple factors that give a strong conviction to what direction the stock will move.