Best trading advice from Nick Schmidt:

1. No matter how good a transaction is, if the environment is not favorable, it will be difficult to make progress.

2. If you do not follow your trading plan, even if it is profitable…you still lose.

3. Trading is about making quick decisions based on incomplete information. No matter how much experience we have, we can never know everything.

4. Without discipline, your strategy doesn't matter.

5. You can make a lot of money in the markets, but if you don't learn how to manage your losses, that money will disappear quickly.

6. Trading is never a sure thing. You can do everything right and still lose money.

7. You'll gain more confidence from the failures you've cut than from your big wins.

8. The fear of losing money ironically causes you to make wrong decisions and lose more money.

9. One undisciplined trade can ruin months of progress.

10. Always trade in the direction of the trend.

11. Unless you learn to control your losses, you will never become a successful trader.

12. All of my biggest losses have come after my biggest wins. Arrogance is a quick way to lose money in the markets.

13. You need to have a clear head to make the best trading decisions.

14. You don't have to trade every day. In fact, you shouldn't.