1. Learn the market. There are many ways to learn Forex trading technique. A great learning method is to explore the internet for great substantial material and Forex forums. There are many great websites and tools across the internet that teach Forex Trading. Additionally, many Forex companies offer learning courses; enrolling in a session is a great way to learn from the pros.
2. Start trading with a Demo Account! Most trade platforms provide the option to create a Demo Account as a way for new clients to practice trade. Demo Accounts are a great to get to know your trading platform and build your own trading strategy before you trade. This will also provide the highest value discipline.
3. Choose a reliable broker firm with low spreads and low costs. Before you deposit money into an account, remember, the money you are trading with should be money you can afford to lose.
4. Start by depositing a small amount. Initially only deposit somewhere between $500 to $1000. Before adding to your account, ensure everything is okay and working properly, considering your broker and your strategy.
5. Always deal with Stop Loss. Before entering a transaction, know how much you're willing to risk in order to gain. Additionally your trade should be no more than 3%-5% from your portfolio.
6. Do not trade a transaction with an unclear direction. Since it is a dangerous market, always remember a good technical analysis wins not by emotion.
7. Leverage is a very powerful tool for tradesman. The forex market allows you to leverage up to 1:500. Learn to leverage wisely. If not used correctly, it can be a guaranteed way to lose money very quickly.
8. Analyze the Market. Use tools to analyze the market; this will insure future transactions. Try to predict the market trend identifying support and resistance points. Market analysis is necessary for successful trading.
9. Learn to accept the Forex Market is uncertain. As noted above, trade is unpredictable; it is not guaranteed predictions will be correct throughout the trade. This uncertainty however is also the key that leads to significant gains in forex trading. The quicker you understand to live with the uncertainty, the more successful you can be in trades.
10. Restrict your daily loss. Never reach a point of completely emptying your account; this will disable your account as you will not have enough margin to open trades. Therefore, restrict your daily loss. If you reach a point of significant loss, it is advisable to turn off your computer and return tomorrow; remember: each day is a new day with new opportunities to gain money.