Surprisingly, the simple fact of preparing and following a trading plan could be the difference between success & failure in trading.
This is something which I repeatedly try to drum into the new traders, but human nature being what it is -:)), people don’t realize the importance of it.
For a new trader, and for that matter, even for an experienced one, I hope I can save a lot of unwanted stress & losses by pointing out the relevant facts.

You must have a Trading plan.

It’s just as simple as that, but it is very important.
Whether you trade on technicals, on fundamentals, on the news release or even by tossing a coin -:)), you must have your plan written in front of you…BEFORE you enter a trade.
And it has to be in black & white, with no shades of grey.
The simple fact is that most traders lose, because they just enter a trade when they see price rising or falling.
If you don’t know the reason for your trade entry, your battle is lost right at the beginning.
The bottom line is – Decide on your technical strategy & finalize a precise plan around that strategy which should clearly define -
What should be the conditions for entry?
Where you would put your stop?
Where you would exit the trade?
How much capital will you risk on this trade?
What would you do if the trade turns against you?
When & where would you take profits & when would you let a trade run?

And subsequently -
Have the patience to wait for this setup and not trade till this technical setup occurs.
Once it occurs, have the discipline to follow the plan to the "T" with no deviation & no room for emotions.

Finally -
The trade may not turn out to be a winner, but accept that losses are a part of trading and there will be more opportunities.
Don’t look at a single trade to gauge your success or failure.
The war consists of many battles, and one should consider this as a long term business with a steady growth, and not an Overnight-Get-Rich-Scheme.