Tip 6 of William Faulkner’s 7 Fiction Writing Tips

Don’t exhaust your imagination.

The only rule I have is to quit while it’s still hot. Never write yourself out. Always quit when it’s going good. Then it’s easier to take it up again. If you exhaust yourself, then you’ll get into a dead spell and you’ll have trouble with it.

Source: Open Culture 

Tip 4 of William Faulkner’s 7 Fiction Writing Tips

Know your characters well and the story will write itself.

I would say to get the character in your mind. Once he is in your mind, and he is right, and he’s true, then he does the work himself. All you need to do then is to trot along behind him and put down what he does and what he says. It’s the ingestion and then the gestation. You’ve got to know the character. You’ve got to believe in him. You’ve got to feel that he is alive, and then, of course, you will have to do a certain amount of picking and choosing among the possibilities of his action, so that his actions fit the character which you believe in. After that, the business of putting him down on paper is mechanical.

Source: Open Culture 

Tip 3 of 7 Writing Fiction Tips by William Faulkner

Write from experience–but keep a very broad definition of “experience.”

To me, experience is anything you have perceived. It can come from books, a book that–a story that–is true enough and alive enough to move you. That, in my opinion, is one of your experiences. You need not do the actions that the people in that book do, but if they strike you as being true, that they are things that people would do, that you can understand the feeling behind them that made them do that, then that’s an experience to me. And so, in my definition of experience, it’s impossible to write anything that is not an experience, because everything you have read, have heard, have sensed, have imagined is part of experience.

Source: Open Culture

Tip 1 of 7 Fiction Writing Tips by William Faulkner

Take what you need from other writers.

I think the writer, as I’ve said before, is completely amoral. He takes whatever he needs, wherever he needs, and he does that openly and honestly because he himself hopes that what he does will be good enough so that after him people will take from him, and they are welcome to take from him, as he feels that he would be welcome by the best of his predecessors to take what they had done.

Source: Open Culture