1. You need to be able to take it on the chin if you are going to have any success. Do not ride a loss. If you are losing then pull out and start again tomorrow. Do not exhibit pride in sticking with a bad decision because it could really ruin your chances of future earnings. There are times when the forex market acts as if it has a mind of its own and if that is ever the case then you need to get out while you can.

2. Be sure to remain focussed at all times. There is no good outcome if you are going to be a fantasist and start spending money before you have made it. Remain focussed in relation to your current trading position and set stop loss targets when you are trading so that you are aware of when it is time to pull the plug.


3. Some people get into demo trading and it can be detrimental to someone that is new to forex. When you are playing with virtual money it is a lot different. You can afford to be sporadic and make decisions on a whim because it is not real money.

4. Get a bit of a strategy going and make sure that you stick with it. Do not get a good strategy that makes you money one day, only to be all whimsical with it and make a loss the next day.

5. If you are a day trader then you need to be focussed that what is happening on a given day and be aware of your precise intentions. If you have for instance a 60-point stop focus then this is what you need to stick to. If it has happened in a day then the movement is probably too quick for it to be a long term thing. Make your money on the day and then get out.

6. Take the clues from the details that you have been provided with. What the bottom line on your balance account says may not be painting the full picture. Be aware of trade details. Be aware of what your losses have been and the nature of your losing streaks. If you get skilled at making money on a daily basis and keeping your losses to a minimum then overall you are going to be successful.

7. You have such a thing that is known as simulated results or the black box system. These are ostensibly trade signal systems and there is never any clearly defined explanation in regards to how signals are produced. It is only a case of people being alerted to the great results that they have produced. It is very difficult to predict future trade scenarios. Systems that work this out are complex and algorithmic and work things out based on retrospective data. They cannot predict the future and you need to be aware of this.

8. Make sure that you get to know one cross at a time. Each pair that is current is wholly unique. They have a unique way of moving up the market place. The forces that affect them are individual to each cross and so you need to study this in order to know what is going on.

9. If you are going to use a 20 point stop and a 50 point profit then you re giving yourself a 1–3 chance of profit. Make sure that you play the odds that are given to you by the market.

10. Do not trade for the wrong reasons as this is liable to get you nowhere. If you are bored then this certainly is no valid reason to trade. Similarly do not react to some whim. If you are unsure as to what trade to make then there doubtless is not one so do not make one.

11. Even when you are in on the market the best thing to do is to think with the mind of a person that is not trading. It is important to have such a level of detachment if you want to make sure that your mind remains completely clear. This is the best way to act as it completely stops you from reacting to any emotional impulse that you may have. it pays to trade for no longer than a few hours at a time and to be aware of the fact that once a trade has been made then it is out of your hands.

12. If you want to succeed in the stock market game then it is really important that you remain determined at all times. If your stop loss is close to being triggered then you need to let it be triggered. Moving your stop midway through the life of a trade is only likely to make you lose out. It is always going to pay if you remain determined.

13. There is something important about about-term average crossovers because it is one of the most dangerous trade scenarios to be in. when the short-term moving average crosses the longer-term moving average it results in the short run average price being equal to the average price in the longer run. It is no bullish or bearish indication so do not be silly by assuming that it is.

14. Stochastic is another situation that it pays to be aware of. It first signals an exhausted condition and it means that the big spike has become exhausted. A currency cross will occur and the best thing to do is buy as soon as there are signs of an overbought cross and then sell on the signs of an oversold one. In doing this you will be with the trend and you will have established a positive move that still has some running to do. Therefore if there is a crossing of two percentage then the sound thing to do is buy.

15. Be aware that it is only one cross that counts. If EURUSD is trading high then you buy GPBUSD as it has not appeared to move. Doing this is dangerous and it is important that you focus on one cross at a time. If one looks good from where you are then you need to stick to it.

16. Be aware that a lot of brokers are nothing short of rapacious and there are many out there whose only intention is to make money from your money. If you need to find out stuff then go on the various InterNet blogs that are easily found via a search engine.

17. Never be too bullish as this can lead to a bull-in-a-china-shop type scenario. It is written that 90% of traders completely fall on their faces and most of the time it is because of having an overly aggressive approach. You need to have knowledge of the market to succeed because if it was just something you could just do then everyone would be doing it and everyone would be wealthy from it.

18. You need to watch the forex news and you need to make your own interpretations of what is going on. Do not listen to what some anchorman is telling you.