Thank you for the advice. This seem helpful already. Can someone explain the aspect of "Don't be greedy!". In what way does this apply? Is it in seeking too large profit or investing a very large sum of money because you feel you will make more profit in a short while? Can you please explain. Good advice so for. I am anticipating the feedback to this followup question soon.
Never risk too much money per trade!
Therefore 2-3% of your entire trading account should be the maximum per trade.
The next thing is you should go for conservative targets. Never chase for the highest profits. On the way up take some profits (50-75% of your position) and let the rest ride if you have the feeling price may go up a bit more. The same applies if you margin trade and go short by the way.
And always stick to your stop loss!! Risk and money management is the most important in trading! Protect your capital first, and then you go for profits! That's the order you have to follow when trading in any market!