Here are few tips for sucessful foreign exchange (forex) trading:
- Try a demo forex trading account, before you take a plunge into real-world trading
- No emotions, Go with stats, trends and make market analysis
- Study the price movement for a period of atleast 4-6 times longer than your trading time frame
- During uncertain phases stay out of the market, or if you can't always stops
- Quit while losing. Don't wait for god's intervention. When you are making profit, put a stop loss which gives decent profit and then stay open.
- If at a given point of time, two currency markets are open, then you are likely to make profit by trading the currencies of the two markets
- Minimize tradings on mondays and fridays
- Track your trading history, learn from your mistakes and others mistakes
