Habit 1 â Accept What Is Real There are no experts in the trading game - full stop. Habit 2 â Think Common Sense Beware anyone who is selling information, unless they are willing to show you their private account, in which case, if you are so lucky to find such a person, expect to pay out big money for the information, in one form or another. Habit 3 â Gather Facts & Figures Read websites/forums (like this one) with an open mind. Do not buy any books on trading as the majority are available for free on the WWW if you are willing to search. They are not worth the cost of the recycled paper they are written on, read all with a pinch of salt. Habit 4 â Understand Risk Management Never risk money that you can't afford to lose, aka, "scared money never wins". Habit 5 â Plan Your Time Determine what time you have available and pick your style accordingly, aka, don't be a fool and think you can scalp/daytrade if you can't sit in a room on your own, be totally dedicated, and insist that you have no distractions from wife, or whoever! Habit 6 â Plan Your Trades Learn to be a small loser and a bigger than loser winner. Never be afraid to lose quickly, ignore this one at your own peril! Habit 7 â Become Good At What You Do Become proficient in one market before learning others, jump from Jimmy to Jack and you will stay on the trading merry-go-round, like most traders do!