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Most rookie traders don’t understand that the goal of their forex trading business is to make money, not lose it and you must take steps to avoid losing it. So, before you execute a trade, define risk per trade using position sizing.

Well, that’s for sure that candlestick patterns are no less than a blessing when you want to determine the possible market trends and make your decisions. These patterns work great especially when you are using the price action strategy and need to know the opening price and closing price of the...

My entire trading career, I never did something that I didn’t understand. The money I used for trading was something that I had kept for my future. I never move ahead without using stop loss orders. I close my trades when my trades reach the take-profit point. All this has helped me manage my...

Start with the right mindset. Don’t think of forex trading any less than a business. Consider it as a part-time or full-time business, but never as a hobby because you may not learn it properly otherwise. When you consider it as a business, you will be prepared for the expenses, losses, stress...

Your strategy gives you a basis to trade forex successfully. Your strategy defines what kind of a trader you are. So, when you are planning to develop a trading strategy, keep in mind the factors like when you like to trade and what indicators you can effectively use.

It’s obvious that you started to trade forex because you wanted to earn profits. But that shouldn’t be your ultimate goal. You should also find ways to protect your capital. Save enough money to fund your trading account by not taking unnecessary risks.

I believe that the main purpose of your trading plan is to make trading simpler for you. You become quick and efficient when you know what needs to be done and when you should do that. You may face distractions along the way but your trading plan will always show you the right direction.

I believe that the fine blend of Dedication, Patience, Determination, Discipline and good trading skills is the success mantra for being a successful trader.

Candlestick pattern techniques by Steve Nison is an amazing book. It is good for traders who want to learn how to trade with candlestick patterns.

It’s best to trade when any of the two market sessions overlap because that’s when there is more volatility in the market and you will be able to find better deals for your currency pair.

It’s not just the case of forex trading but in any other job too, beginners are often not very serious about their careers. Most of them are still filtering out options to see which one works for them. If anyone is serious about trading, they will obviously get their basics cleared first and...

All of these pairs are excellent to trade. They have high volatility, low spreads, and decent volatility. Personally. I prefer to trade more with EUR/USD and USD/JPY than GBP/USD.

Just keep doing it! For a forex trader, there is no end to learning. The more you learn, the better trader you become.

Thanks for sharing these excellent tips! I think all traders should develop a habit of maintaining a trading journal. It not only helps you keep track of your trades, but also check areas where you lack.