Simple trading tenets to save your account.

1. If you chase, you die.  If you chase, you die.  If you chase, you die.  Want to blow up your account, miss your entry level and chase the stock and get in at any price.  Instead, wait for the proper set up.  If you miss the entry, wait for a pull back (or bounce if short).  If it doesn't come, go onto the next trade.  FOMO (fear of missing out) is the close cousin to you chase, you die.  Together they are a sure fired way to lose all your money.

2. Nail or bail, don't stay and pray.  Tim Sykes pounds this tenet every day.  Cut losses quickly.  Don't hang around in hopes the trade will work.  If you are using a discount broker a round trip commission is probably $10.00.  You can have a lot of $10.00 losses that can easily be recovered if you get one good set up and the stock goes your way.  If you don't nail the trade immediately, exit.  You can always get back in if the set up comes back. Nail or bail, don't stay and pray.

3. Never fry bacon with your shirt off.  Not really a trading tenet, just a good idea if making stuffing for the turkey.