1. Develop and adhere to a trading plan diligently. Without a plan, failure is inevitable. Your strategy can be simple or complex, but it must be structured. Whether you base decisions on gut instinct or intricate models like Black-Scholes, having a plan is essential. Refine it over time or start anew, but always have one, preferably documented.

2. Keep detailed records of your trades. This can be as basic as logging entry and exit details or as comprehensive as documenting your entire decision-making process. Recording trades aids in analysis and improvement.

3. Expect and accept losses as part of the trading journey. Start with small investments for an extended period, as losses are inevitable, and learning to manage them is crucial. Profitability often hinges more on strategy than on being consistently right.

4. Gain insights from movies like “Wall Street,” not to emulate characters like Gordon Gekko, but to heed wisdom like Lou Mannheim’s. Understand the significance of market dynamics and the necessity of discipline for sustained success.

5. Cultivate camaraderie within trading communities. Engage with experienced traders for insights, ideas, and support. Share relevant market news and ask insightful questions. Learning and growing together can alleviate the challenges of trading.

6. Delve into the history of trading, particularly modern trading narratives. Familiarize yourself with notable figures and events like Nick Leeson, Jerome Kerviel, and Long Term Capital Management. Historical context enriches your understanding of the trade.

7. Appreciate the unprecedented access to various markets afforded by modern technology. Today, anyone can participate in trading without the barriers of the past. However, this accessibility also means increased competition and challenges.

8. Be honest about your risk tolerance when developing your trading strategy. Understand whether you lean towards risk aversion, neutrality, or risk-taking. Effective trading hinges on aligning your strategy with your risk profile.

9A. Prioritize the physical setup of your trading environment. Ensure you have a reliable platform, internet connection, and backup options. Murphy’s Law dictates that anything that can go wrong, will, so be prepared.

9B. Familiarize yourself with order execution techniques like limit orders and stop losses. Ensure you can enter and exit positions swiftly and accurately, minimizing the risk of costly errors.

10. Evaluate your performance based on your progress over time, not on comparisons with others. Avoid getting caught up in comparisons with fellow traders, as everyone’s financial situation and strategy are unique. Focus on continuous improvement and learning.