1) Trade with a plan – not with hope, greed or fear. Plan where you will get in the market, how much you will risk on the trade, and where you will take your profits.

2) Follow your plan. Once a position is established and stops are selected, do not get out unless the stop is reached or the fundamental reason for taking the position changes.                              
 
3) Analyze your losses. Learn from your losses.  Most traders don’t learn from their mistakes they don’t want to think about them.                                                                                    

4) Always think in terms of probabilities. Trading is all about thinking in probabilities NOT certainties. You can make all the “right” decisions and the trade still goes against you. This does not make it a “wrong” trade, just one of the many trades you will take which, through probability, are on the negative side of your trading plan. Don’t expect not to have negative trades – they are a necessary part of the plan and cannot be avoided.

5) Stay current on global events. You never know what’s going to set off a particular currency on any given day.

6)  Learn to be comfortable being in the minority. If you are right on the market, most people will disagree with you. (90% losers, 10% winners).

7) Scalpers reduce the number of variables effecting market risk by being in a position only for seconds. Day traders reduce market risk by being in trades for a matter of minutes. 

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