I feel that successful trading is achieved when the following 4 steps are followed on each trade: 1) Trade in direction of broader market (.i.e the direction of the higher timeframes) 2) Set a good stop (i.e if going long, the stop should be below support, if going short the stop should be above resistance. 3) Set target at next major support (if short) and next major resistance (if long). 4) Enter only at low risk. That means enter if and only if you can get in at a price that is relatively close our stop when compared to your target (i.e. risk/reward should be better than 1:1) In conclusion, I feel that if a trader follows these steps in the order above they won't go far wrong and have a good chance of achieving net profitability.