Pick one currency pair to start and learn all about it. When you try to understand every single pair, you will probably fail at learning enough about any of them. Consider the currency pair from all sides, including volatility. Keep it simple and understand your area of the market well.
Emotion has no place in your Investing decision-making if you intend to be successful. Allowing your emotions to control your decisions will lead to bad decisions that aren't based off analysis. There's no way to entirely turn off your emotions, but you should make your best effort to keep them out of your decision making if at all possible.
The use of Investing robots can be very costly. Investing robots represent an interesting market from the sellers' point of view. As a trader, you have nothing to gain from it. It is up to you to decide what you will trade in based on your own thoughts and research.
You should pick your positions based on your own research and insight. Foreign exchange traders are human; they do not talk about their failures, but talk about their success. A history of successful trades does not mean that an investor never makes mistakes. Rather than using other traders' actions to guide your own, follow your own cues and strategy.
You have thought out a realistic strategy beforehand. Don't abandon it in the heat of the moment, under emotional pressure. Stick to your plan and you will be more successful.
Don't go into too many markets when trading. This could cause unwanted confusion and frustration. Instead, focus on the major currency pairs, which will increase your chances of success, and help you to feel more confident in your abilities.
Never waste your money on Investing products that promise you all the riches in the world. Almost all of these services and products will only show you unproven, theory-driven Investing trading techniques. The only people that make any money from these products are the sellers. If you want to spend money getting better at Investing, splurge for training with a professional trader.
You should put stop losses in your strategy so that you can protect yourself. Rely on your gut and any technical knowledge to help guide you as a trader to learn what to do. To properly use stop loss, you need to to be experienced.
There is check here no limit to how much you can earn by trading on the foreign exchange market. It is your choice, depending on the time you have available and the level of success you are able to reach. The first thing you should work on is researching and applying successful trading techniques.