Tips for Currency Trading

1. Know yourself. Define your risk tolerance carefully. Understand your needs.
2. Choose a broker with whom you feel comfortable but also one who offers a trading platform that is appropriate for your style of trading.
3. Keep it simple. Those who have made good money trading Forex online tend to agree that the best game plan is to keep your trading system simple.
4. Start by investing small sums of money.
5. Pick your account type, and leverage ratio in accordance with your needs and expectations.
6. Choose a longer time frame for direction analysis and a shorter time frame to time entry or exit.
7. Be willing to take risks. Trading (Forex or otherwise) inherently comes with risk.
8. Control your emotions.
9. Focus on a single currency pair, expand as you better your skills.
10. Focus on your trades and learn to love small losses.
11. Ignore the majority.


12. Avoid unnecessary stress.
13. Do not add to a losing position.
14. Perform weekend analysis.
15. Practice, practice, practice.
16. Take notes. Study your success and failure.
17. There are no guarantees.
18. Automate your trading as much as possible.
19. Study hard.
20. Plan ahead.
21. Don't be greedy.
22. Use stop-loss.
23. Experiment.