Patience and practicing are the two keys to success that most Forex day traders won’t talk with you about when you’re getting started with online Forex trading. You need to be patient to learn how the Forex market functions, study trends and develop your trading plan and practice is required because Forex isn’t something that you can just pick up after spending a few minutes online.
Did you know that 90% of Forex Traders fail in their first 3 months because they lack patience and practice? The other 10% of Forex traders who succeed will achieve long term success in Forex trading because they have the skills and fundamentals needed to apply themselves day in and day out regardless of the success or failure of their trades. Learn the fundamentals at Wikipedia.
As a Forex Trader you always want to be aware of the trends and not be selling when a trend is up or buying when a trend is down. It’s also important to look at the time frame because it will give you the bigger picture of market price movements and help you to define the trend. If a trend is hard to spot you should choose a bigger time frame and make sure that you know that it’s a dominant trend. Many Forex Traders who are scalpers don’t study trends because they are only concerned about what’s happening in the Forex market right now, usually within a 1-5 minute time frame.
One of the keys to success in Forex Trading is studying everything related to the currency trading market via websites like about.com: forex. You should use your downtime productively and make sure that you dedicate plenty of time to improving your skills when you’re not trading.
You should also never risk more than three percent of your trading account because you will be able to survive under unprofitable market conditions more easily compared to other traders who get wiped out from poor market conditions due to economic crisis’s and natural disasters.