These tips are very important:
Do not trust
Never trust expert forex advisors or forex robots. In fact, these are guaranteed ways of losing money. Greedy and naive traders buyer such robots and advice few hundreds of dollars. It looks so sweet to be true. Therefore, avoid such get rich quick schemes and work your way up.
Learn Technical Analysis
It is easy to master forex trading very quickly. This is only possible if you get access to right education. For now, the efficient method is to make use of forex charts. Although, it sounds simple, prices trend, and you need to learn the trade trends. It will take some few weeks before you come up with a robust forex trading strategies. With time, you will start making profits in few minutes.
Your forex trading system should consist of resistance and chart support and some confirming indicators. Do not make your system very complicated as it can break in this type of market. In fact, simple systems have been found to be more robust. Therefore, keep your strategy simple as always.
Do not over leverage
Most brokers can offer you a leverage of up to 400: 1. However, never use such leverage at all. If you are a novice trader, use 10: 1 maximum leverage. Even though you will become quite experienced, never use all the leverage you have been granted. Over-leveraging destroys a lot of accounts for a single reason.
For you to win, you should learn to accept short-term losses. However, you should keep your losses small. Losses should not run you and always use stops. Do not be angry when you lose and forget your ego. As a trader, you should learn to accommodate losses as you await big gains. Experienced traders maintain their losses small and you have to.
Run your profits
A lot of traders withdraw their profits quite fast. In fact, they never run their profits. If you do not run your profits, it will be impossible to cover inevitable losses. Therefore, if you have to win trade, you should have the courage to milk it well.
Discipline is always the key to success in any given field. Always do not deviate from it. Some traders get frustrated after losing and start to deviate their rules. If you have no system, you will entirely lose.