Newbie Trading Lessons- MUST READ TO SAVE MONEY.

These are the lessons I learned today after I lost a load of money. Hopefully these lessons will help other new trades to not make the same mistakes I did.

1. Never revenge trade.
   When you have just lost some money there is a human instinct to want to have a quick win to get back what money you had, fight this urge and attempt to accept the loss and not just look for a quick way back to the amount you had.

2. Bad day = Stop trading.
   If you loose over X amount of money in a day then your having a bad day, STOP trading for the day.

1. Sleep for to long = RISK
   Don't fall asleep and leave a trade unattended for longer than 3h.

2. Bull/Bear trap
   Be really careful to get volume confirmation if your attempting to trade a break out, its important to not fall into a bull/bear trap where the market appears to be going one way but turns and heads in the other direction ( especially bad if you've gone to sleep when it happens :/ )

3. If your trading a retracement then ladder out partly at the 0.318 retracement and then ladder the rest out at the 0.5 and 0.618 retracement ( don't just hold and hope for the 0.618 )

4. Never trade with other peoples money.

5. When you have lost a trade- don't just immediately buy back in the other direction.

6. Try to find setups agreeing with the general trend of the higher time frame e.g. if 1h chart says its a bear market then try and find 15min setups that are bearish.

As always I hope this post helps at least one person. Please comment and upvote if it has!!