The #1 lesson I've learned so far from trading has to be cut your losses quickly. As much as it frustrates me this rule keeps your account from potentially hitting $0 and also teaches you to trade less if you pay attention and study. I by no means am at the place that I want to be yet as a trader but I am on my way as I study everyday and execute every week either through actual trades or paper/mental trades. Do yourselves a favor early on, if you see the market isn't moving the way you want then learn to sit on your hands and trade like a RETIRED TRADER (only trade when the best plays are available). This will save you so much heartache and money in the long run (just trust me on this one Tim is on to something when he said this).