Entering the Forex Market to start a forex trading career could be very frustrating and difficult initially especially for beginners. Its not abnormal to encounter series of losses upon losses when you trade in the forex market.
But what matters is your ability to succumb those challenges, master the art of forex trading and then make profits on a consistent basis.
I have describe some important advice that would be useful to beginner traders who are venturing into the market for the first time. I employed these techniques when i started and they were very helpful to me.
1. Start with Practice/Demo Trading
2. Get Forex Training or Get a professional Trader to mentor you for some time
3. Know the various factors that control the market
4. Get to know about yourself & your emotions
5. Have adequate capital when starting on a Live account.
6. Be ready for some losses initially
7. Use the right Lot sizes for your account
8. Never risk more than what you can’t afford to loose
9. Have the basic tools that a trader needs (Computer, Internet/VPS, Power supply, e.t.c.)
10. Avoid distractions when trading
11. Have a stable & reliable Trading strategy
12. Ensure you manage your risk by using stop loss
13. The trend is your friend, never go against the trend
14. Avoid trading on multiple markets at the same time
15. Believe in yourself and your abilities. Never copy what others trade
Please feel free to add more recommendations by commenting below.