Use risk management in your trades. Know what the acceptable losses are. Stick with the stops and limits that you have placed. If you do not focus, you can lose all of your money. One of the keys to success is learning how to spot positions that will not enjoy gains.
Before trading Forex for money, work on your skills by practicing trading with demos. Using a demo trading account is one of the best ways to familiarize yourself with the basics of forex trading.
Have a test account and a real account. One is the real account, with your real money, and the other is the demo account. The demo account is the experimental account.
Take a little break every day, and a day or two every week to relax and recoup. Step away from the fast, number-paced market to help clear your thoughts.
When people start making money by trading, they have a tendency to get greedy and excited, and make careless decisions that can result in losing money. Desperation and panic can have the same effect. Do not make decisions based on feelings, use your gathered knowledge.
Draw up a detailed plan that outlines what you want to get out Forex trading. It can be wise to put a goal in place and a deadline for achieving it at the start of your forex career. Keep in mind that you'll be making some mistakes along the way, especially if you're new to Forex. You also must determine how big of an investment of time you have for forex trading, including the time you spend on research.
You should vet any tips or advice you receive regarding the Forex market. Some information might work well for some traders but end up costing others a lot of money. You will need to develop a sense for when technical changes are occurring and make your next move based off of your circumstances.
Now, you need to understand that trading with Forex is going to require a lot of effort on your part. Just because you're not selling something per se doesn't mean you get an easy ride. Just remember to focus on the tips you've learned above, and apply them wherever necessary in order to succeed.