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.
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.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.
Sleep for to long = RISK
Don't fall asleep and leave a trade unattended for longer than 3h.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 :/ )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 )
Never trade with other peoples money.
When you have lost a trade- don't just immediately buy back in the other direction.
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!!