The key to becoming a consistently profitable trader is to structure your trading decisions around a explicit set of rules. The reason 90% of new traders blow out their trading accounts is that they fail to establish and follow a defined set of rules. The specific entry/exit rules will be different for each trader, but all traders must  base their trading on the following 3 fundamental rules:

1. MONEY MANAGEMENT.

There will be losses in trading. Learn to lose. Understand and accept this. There are great profitable traders that are profitable on just 35% of the trades they make. The reason they are profitable is because they employ proper money management techniques. So RULE NUMBER 1 is MONEY MANAGEMENT, use it or lose it. This is just as important when one is on a winning streak. Do not let winnings go to your head and start thinking you're invincible. The market has a way of correcting this condition as well.

2. DISCIPLINE.

Plan your trade and trade your plan. Do not deviate from your trade plan. Once you've entered a position adhere to your add on, and exits ( both stop loss, and profit objective points). Always follow your plan otherwise you lack discipline and discipline is a very key ingredient for a successful trader.

3. PROFESSIONAL ATTITUDE.

Approach the markets with a professional attitude. Be a professional. The market is not a casino but it can be if you approach it as such. Do not trade out of boredom or for entertainment. Also do not trade if you do not feel good, are over-stressed, are preoccupied or not focused. There will always be another day.