Six trading principles from Dic Diamond

1. Trade only a small percentage of your overall capital at any one time (once you get over your "core position" you'll get emotional and bad things will happen).
2. Be open to change. A good trader lets market conditions dictate short-term feelings. Market conditions can change many times during an active day.
3. Never get aggressive after short-term success or failure in your trading life (and don't dwell on the past, good or bad. Focus on the NOW).
4. Intraday trading winners come into a trade for a quick profit and if it does not work out, they sell. Losers hold on to hope. This is a dirty word for traders. If you find yourself wishing or hoping – get out!
5. Don't buy because prices seem too low, or sell because prices seem too high. A trader should have the ability to buy higher than he bought on the last completed trade even though only a short period of time has lapsed. Conversely, a trader should be able to short at a lower level than the last completed short trade.
6. Don't fault yourself for a losing trade – you'll be right 70-80% of the time if you are trading properly. However, you must fault yourself if you are breaking your trading rules.