1. Do not try to grasp the immensity. Choose only one market at a time and work only with it. The Best Market to start on with is EUR/USD pair. Other pairs such as GBP/USD or USD/JPY are more volatile and often take big jumps. So there is a chance to earn a lot as well as lose everything.
2. Before proceeding directly to the trade, learn the history of the chosen pair at least over the past few months. Carefully read their charts, try to catch trends and identify the patterns.
3. To trade in forex successfully, develop your own trading strategy. It is not possible to learn to trade by theories; it requires practical trading experience. Trade by your own strategy and modify and sharpen it unless its application fetches stable positive results.Try the strategy in the demo account, and then on a real account.
4.The two qualities which are necessary to succeed in forex trading are patience and discipline.
PATIENCE:
After opening a trading account be patient to trade. Do not hurry while trading. The market moves constantly; so waiting for the favorable directional movement is a good option. Maintain a weekly track of the movement of the course and then competently play on it to earn more than repeated indiscriminate opening positions during the day.
DISCIPLINE:
Never modify or mix the developed trading strategy with other strategies. Mixing strategies or their constant change under pressure from emotional impulses can be fatal for your investment.AN intuitive approach may result into fast burning of your deposit.
5. Be responsible for the decisions you make as it helps you develop as a successful trader.
6. Be flexible to your decisive predictions. Never act emotionally in trading hoping for favorable conditions to come in a perfectly clean scenario of losing the money. Hoping for a reversal of the market in its side and holding on to a losing position is the most common mistakes of the beginners.
7. Learn from your mistakes. Carefully analyze the profitable and unprofitable transactions by keeping records of all transactions.
8. Risk only those amounts that you can afford to lose without prejudice to the financial health of your family. This is necessary for sound and cold-blooded decisions. If you are afraid of losing money, you are likely to lose them. For professional traders, correct predictions are most important in exchange rates and provide tangible rewards.
9. Never get frustrated over the loss. Enter the market with cold head without thinking about the previous deals.
10. In order to successfully predict the market movement, it is necessary to analyze the past. The difference between acquirers in the market and losing it is not so much natural ability as the ability to study their mistakes and not repeat them again.
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