Some simple guidelines may help keep you in the game long enough to learn winning ways. Breaking even is okay, too
Go slow If you are new to trading, start out with one of the paper trading demo accounts offered by most brokerage firms. Get a feel for the mechanics of trading and for how the markets operate.
Start out with a mini account
Trading with real money is a so much different than trading in demo accounts. Try out a mini-account and keep your leverage low. Forget the numbers of your profit/loss (P/L). Try to get as much pips as possible. You can always increase your leverage later. Who knows, one day you might be able to fund a full size account with the profits from your mini and make even bigger profits. Relax, take your time.
Expect to have many losing trades
There will be losses in Forex trading, whether you like it or not. Try talking to some of the expert Forex traders in the big brokerage firms who have been trading for many decades, the best will tell you that the markets have taught them to be humble. Most of these traders will tell you that they would be happy if they are correct 51 percent of the time. They will also tell you that, given the global scope of the Forex markets, things often happen that surprise even the most experienced participants
Be strong, but don’t be stubborn
If you cannot to admit that you are wrong, then you might not be suited for Forex trading. Before you trade, do your preparation. Have the strength of your convictions but don’t stick to an idea that is not working for the reasons you thought it would.
Avoid the myth of diversification Some currency pairs are highly correlated to others. These correlations tend to change over time, though. Check out the correlations before diversifying your portfolio of positions, or you could find more risk in your position portfolio than you thought
Don’t overtrade and don’t be afraid to sell your currencies short Professional and experienced traders trade comfortably from the short side and also the long one
If you are not sure, stay out
When momentum is accelerating, trade with the trend, not against it
If you are trading against the trend, quickly exit and take your profits (or losses
Use positive risk/reward objectives
Target a profit of at least two or three times the amount you think you might lose.
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