If you have any experience with trading or even if you dont, here are some tips that I have learnt from one of the roughest schools in life. What school would that be? Why that would be from the school of hard knocks. Yup, the lessons learned were painful and expensive but the lesson got across very well. So hopefully, these tips will save you the pain and financial lessons I had to endure.

1.Trading is simple, but it isnt easy. If you see yourself having a future in this industry, forget about "hope" and stick to your stop loss.

2.When you open a trade, start looking for signs that you were wrong. If you see them, then get out before your stop loss is executed.

3.Don't open a trade just because it is cheap. The only reason to open a position is when the underlying security looks set up to make a decent move.

4.Good trading should be boring, like doing the same thing over and over again. If theres one thing I guarantee in trading, its that "thrill seekers" or adrenaline junkies get their accounts grounded into tiny bits and pieces.

5.The turning point of when amateur traders turn into professional traders is when they stop searching and hoping for the "next great technical indicator" and start managing their risk on each trade.