When considering best trading practices, it's easy to discard the idea as too general and simplistic, or to default to the industry's well-worn cliches. However, for both new and experienced traders, there are several rules that constitute a sound approach to trading. The eight practices to long-term success are: 1. Trade for the right reason. 2. Match broker to your needs. 3. Understand the risks of a position. 4. Select entries carefully. 5. Mechanics trump everything. 6. Have a plan. 7. Have a well-defined exit strategy. 8. Don't put all your equity in one trade. The most important practice is to have a plan so you know precisely what you will do in numerous scenarios before you are faced with them. Trading without a detailed plan is a big mistake. If you do, you're going to lose money.