Forex Trading Tips

All unproved, spontaneous actions in Forex trading — are a part of pure gambling.Any attempt to trade without analysis and studying the market is equal to a game. Game is fun except when you are losing real money...
Tip 2. Never invest money into a real Forex account until you practice on a Forex Demo account! Allow at least 2 month for demo trading. Consider this: 90% of beginners fail to succeed in the real money market only because of lack of knowledge, practice and discipline. Those remaining 10% of successful traders had been sharpening and shaping their skills on demo accounts for years before entering the real market.
Tip 3. Go with the trend! Trend is your friend.Trade with the trend to maximize your chances to succeed. Trading against the trend won't "kill" a trader, but will definitely require more attention, nerves and sharp skills to rich trading goals.
Tip4. Never risk more than 2-3% of the total trading account.One important difference between a successful and an unsuccessful trader is that the first is able to survive under unfavorable conditions on the market, while an unsuccessful trader will blow up his account after 5-10 unprofitable trades in the row. Don't try to revenge after losing the trade. Don't be greedy by adding lots of positions when winning.Overreaction blocks clear thinking and as a result will cost you money. Overtrading can shake your money management and dramatically increase trading risks. When in doubt — stay out. If it is not clear where the market will move — don't trade. In this case saving present capital is and absolutely better choice than risking and losing money.Let your position be open for as long as the market wishes to reward you. Of course, for this traders need a good exit strategy, otherwise they risk to give all profits back... Running two or more open trades gives an option to close some positions earlier and keep others running for higher profits.