I consider rules as the most critical information for traders to learn - especially new traders. Having a set of rules, committing them to memory, and following them is the difference between capital preservation and a dwindling account balance. The vast majority of traders who fail are those who did not adopt and follow a set of rules. While it's true that the ability to discern market direction is a desireable aspect of trading, more than a few traders remember sitting on initially profitable trades that turned to losses. There is no rule that says "thou shalt not lose money", but there are some rules whose purpose is the same outcome. Pay attention to this section on rules.