"24 Eternal Trading Rules" in "Gann: Forty-Five Years on Wall Street":

1. The amount of capital to be used: Divide your capital into 10 equal parts , and never risk more than 1/10 of your capital on a single transaction.

2. Use stop loss orders. Always protect the trade with a stop loss order 3 to 5 pips away from your transaction price. (Note: Gann's original meaning is that 1 point represents 1 dollar, not 3% to 5%, the same below)

3. Never over-trade. This would violate your capital rules.

4. Never let profits turn into losses. Once you have made a profit of 3 pips or more, raise your stop loss order so that you do not lose capital.

5. Don’t go against the trend. If you cannot determine the trend based on the trend chart, never buy or sell.

6. Exit when you are not sure, and do not enter the market when you are not sure.

7. Only trade in active stocks. Avoid stocks that move slowly and are rarely traded.

8. Share risks equally. If possible, trade 4 or 5 stocks. Avoid investing all your capital in one stock.

9. Do not limit your orders or fix the buying and selling price. Use market price to order.

10. Don’t close a position without a good reason. Follow with a stop loss order to protect your profits.

11. Accumulated surplus. After you have a series of successful trades, put some money into a surplus account to be used in emergencies or panic situations.

12. Never buy stocks just to get a dividend.

13. Never share losses equally. This is one of the worst mistakes a trader can make.

14. Never leave the market because you lose patience, nor enter the market because you are impatient.

15. Avoid making small profits and losing big money.

16. Never cancel the stop loss order you have set when trading.

17. Avoid entering and exiting the market too frequently.

18. Be as willing to short as you are to buy. Align your goals with trends and make money as a result.

19. Never buy just because the stock price is low, or short just because the stock price is high.

20. Be careful of adding more money at the wrong time. Wait until the stock is very active and crosses resistance before buying more, and wait until the stock falls below the distribution zone before selling more.

21. Select small-cap stocks to go long and large-cap stocks to go short.

22. Never hedge. If you are long one stock and it starts to decline, don't hedge it by shorting another stock. You should get out; take your loss and wait for another opportunity.

23. Never change your position in the market without a good reason. When you take a trade, do it for some good reason or according to some clear plan; then, don't get out because there is no clear sign of a change in trend.

24. Avoid increasing transactions after long-term success or profit.

When you decide to make a trade, make sure you don't violate any of these 24 rules. These rules are critical to your success. When you cut, go over the rules and see which ones you've violated; then don't make the same mistake a second time.