Always use Stop Loss Orders. If you don’t use them, it will ruin you financially. We recommend stops of 30 pips above or below your entry price.
Don’t loose more than 2%-5%
of your total capital in each trade. Adjust your stop orders and leverage if needed.
Let the profits run, cut the losses. Use a “Trailing Stop”If your broker doesn’t support it, you can do it manually. Set the stop price at 30 pips (or the amount that you have chosen) above/below the maximum/minimum price since your entry. You will have to adjust the stop level continuously, but you will get much better results.
The Trend is your Friend!” Go with the trend never go against the trend.
Capitalize well. Fund your account with enough money. For standard accounts, at least $5000 (for mini accounts $500).
Don’t leave trades open overnight. In addition, your Forex broker will charge you “interests” for open positions overnight. Interest is generally charged at 5:00 p.m. EST. Please keep in mind that most brokers will also charge 3 X times the regular interest rate on Wednesdays.
The number’s don’t lie” – all available information and its impact on traders, and the market, is already reflected in a currency’s price.
History repeats itself – over time, certain chart patterns become consistent, predictable and very reliable. The catch is SEEING them.
Never start Trading without FIRST using a DEMO Account .A Demo Account allows you to become familiar with trading procedures, such as placing Market, Stop and Limit orders without any risk. All dollar losses or gains in a Demo Account are imaginary but the EXPERIENCE is INVALUABLE!