21 Trading Rules

Finished the Market Wizards series of books up with the last one in the series: Stock Market Wizards. Jack Schwager did a great job with this series of books, it really gives you a feel for the traders' thoughts/emotions and reactions to market events. The very first chapter in the Stock Market Wizards book is an interview with Stuart Walton, titled Back from the Abyss.

Stuart Walton's 21 Trading Rules
Here is a response to an interesting question posted by Schwager near the end of the Walton interview (page 27):

What are the trading rules you have posted on your computer?

1. Be patient - wait for the opportunity.
2. Trade on your own ideas and style.
3. Never trade impulsively, especially on other people's advice.
4. Don’t risk too much on one event or company.
5. Stay focused, especially when the markets are moving.
6. Anticipate, don’t react.
7. Listen to the market, not outside opinions.
8. Think trades through, including profit/loss exit points, before you put them on.
9. If you are unsure about a position, just get out.
10. Force yourself to trade against the consensus.
11. Trade pattern recognition.
12. Look past tomorrow; develop a six-month and one-year outlook.
13. Prices move before fundamentals.
14. It is a warning flag if the market is not responding to data correctly.
15. Be totally flexible; be able to admit when you are wrong.
16. You will be wrong often; recognize winners and losers fast.
17. Start each day from last night’s close, not your original cost.
18. Adding to losers is easy but usually wrong.
19. Force yourself to buy on extreme weakness and sell on extreme strength.
20. Get rid of all distractions.
21. Remain confident – the opportunities never stop.

What about you? What are your essential "trading rules" ?