A traders job description is stunningly simple: Don’t lose money. This is of utmost importance to new traders, who are often told do your research. – Richard Donchian
Some imp points from guidelines related to trading by him said to have been published in one of his newsletters.

> If everyone is talking about it, do not act immediately. Even if it is right – move gets delayed.
> Dullness is followed by a trend. Keep a note of direction in which volume increases during that period – that is the likely direction of breakout.

> Previous peaks or bottoms, or a price area where stock traded in narrow range in past r strong support – resistance areas.
> Go light when market direction is not certain. Wait for clearly defined moves and concentrate on them. It will help you to prevent unprofitable trades

> Stops are a valuable tool for profitable trading. It can be used to limit the loss, protect the profits, and save from patterns that did not work. They are amazingly effective when applied based on chart patterns.
> Buy Strong and sell weak. Trade trending markets.

> When entering the trade – price limits r fine. When exiting the trade – use market orders.
> Whatever else you do - limit the losses, and ride the profits. (Every experienced trader would say this again & again. Yes, easier said than done - but at least read it again & again)