Many of you have been doing forex trading. You must know the risks involved in Forex Market. If you think beforehand, you can get 1000% profit, if you don't then you might lose all you have. Its more risky than stock.
Here are some really good tips for newbies.
a) When you see that the price of your currency is getting up compared to dollar, do not wait and sell it as soon as you can. Even if you make 5 cents profit per unit, you can earn a lot of money. Do not wait hoping the value will increase more.
Keep in mind one thing; the forex market is always static. Like, if the price of one currency increases, then the price for any other currency must fall. It will never happen that all the currency's value goes up together. So, if a currency is valuable now, maybe not tomorrow, but one day it will fall.
c) Similarly, If a price of a currency gets up too high, be sure it will fall too low within the week. Sell your currency at a lower price as soon as you can. (Ofcourse, not lower than you bought, but lower compared to the average.)
d) Keep one basic currency in mind. If you live in India, then try to sell your dollars for Rupees. If you make 5 Rs. profit per dollar, you are in a high profit zone.
e) Do not invest too much. Try to remove your capital investment form the market as soon as you can, and keep your business going with the profit amount. Its not always possible, but sometimes this is the best strategy.
Hopefully, all of you reading this will make a lot of money from forex trading.