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You are totally responsible for your performance as a trader

You are totally responsible for your performance as a trader; therefore, you should devote significant time to working on yourself in order to be successful.

It's important to know your initial risk in a trade before you enter a position—this allows you to ensure that your trade has a favorable probability for a sufficient reward-to-risk ratio. In other words, it will help you cut your losses short and let your profits run.

Calculate the R-multiples of all your trades; this allows you to think of a trading system by the distribution of R-multiples it generates.

Measure the quality of a trading system by its SQN® score. The SQN score tells you how easily you can meet your objectives through position sizing™ strategies.

Position sizing strategies help you meet your trading objectives.

There are as many objectives as there are traders.

You can easily develop a Holy Grail trading system for any one market type; however, it is impossible to develop a system that will perform well in all market types.

Your trading system must fit you. In fact, trading a good SQN system that fits you is probably better than a great SQN system that doesn't fit you. Trying to trade a system that doesn't fit you will likely cause you to make a lot of mistakes and see poor results—regardless of the system's SQN score.

Minimize your mistakes and trade at 95% efficiency or better. You make a mistake when you don't follow your rules. If you don't have rules, everything you do is a mistake. When traders do have rules, most of them have trouble trading above 70% efficiency (3 mistakes every 10 trades) simply because they haven't worked on themselves. Trading at 70% efficiency will destroy the results from a good trading system.

Trading is a process that can be statistically measured and described if you understand probability and sampling theory. Within one market type, the mean and standard deviation of your system's R-multiples will give you a good idea about the future performance of that system under those same market conditions.

Winning is a function of planning, so write a business plan to guide your performance and keep working on that document as you evolve as a person and trader.

@Compiled from Anonymous Stock Market Experts 

Warm Regards,
Atul.
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