Forex Trading Tip #1 Specialize It is a good idea to pick 1 currency pair you really like and study it, get to know how it feels and how it trades. Specializing in 1 currency pair will drastically improve you chances of success.
Forex Trading Tip #2 Demo First Sign up for a demo account before you ever think of going live. If you can not make money on demo then you have no chance when trading live. Once you have been consistent for at least 3 months then move to a mini account.
Forex Trading Tip #3 Rules Create a trading plan and keep it by your side as you trade. This will help you avoid making mistakes while trading brought on by greed and fear.
Forex Trading Tip #4 Keep It Simple What ever system you decide to use make sure you keep it simple. The simpler it is the higher chance of success you have.
Forex Trading Tip #5 Dont Over Trade Over trading is responsible for the destruction of many new traders accounts, try to limit your self to a certain amount of trades per day.
Forex Trading Tip #6 Cut Losses Cutting your losses short is the most important thing you can do, it is important that your winners are larger than you losses for you to survive in the long run.
Forex Trading Tip #7 Let Profits RunThis goes hand in hand with tip number 6, cutting your winners is the last thing you want to do. Although it may feel good to cash in those profits in the long run it will have a destructive affect on your trading account.
Forex Trading Tip #8 Trade With The Trend Trading with the trend is placing the chances of you trade being a success much higher. Always keep the longer term trend in mind when planning a trade.
Forex Trading Tip #9 Risk Always keep the risk placed on each trade to a maximum of 3% of you account, try to remember there will always be more opportunities the markets will be here for longer than you there is no rush.
Forex Trading Tip #10 Treat It Like A BusinessTrading is not gambling it is a business and like any other business it has expenses (losses). Try to keep your mind focussed on the larger picture like the monthly results rather than the day to day results.
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