The best forex trading advice starts with treating it like a business, keeping in mind that you are going against highly trained professionals who trade in the forex market for a living.
In that regard, you must follow a tested and proven forex trading system. Now, you may start out with a forex day trading method that generates profitable trades right away, or you may not.
Quite frankly, it doesn't matter much to your long term success, as losing trades are a normal and expected cost of doing business. With that stated, your objective should simply be to have far more winning trades than losing trades consistently.
The forex trading advice you ultimately decide to implement to execute trades should put the odds of a winning trade in your favor using a trading system designed to capture 20-50 pips per trade during the first 1-3 hours following specific key economic announcements.
Forex markets provide multiple opportunities to trade and profit within a 24 hour period. This can be a two edged sword at times because it can mean very late night or early morning trades.
Let's face it no one really wants to monitor trade positions 24 hours a day, five days per week. The stress and fatigue factor is far too great to effectively trade at a profitable level over time.
You can greatly reduce stress and improve your forex trading using an economic calendar to schedule trades for no more than an hour or so daily. Get in, get out and shut it down for the day with fewer losses and more trades in your favor.
Avoid losing thousands of dollars of your hard earned money trading with free or cheap tools, software and education materials unless you are absolutely certain they are the very best on the market. Expect to invest at least a few hundred dollars for the proper trading tools.
Forex trading tools that deliver fast and accurate data in a timely manner is the key ingredient to trading success. Having access to reliable information at the right moment often determines whether a trader makes or loses money.
The forex trading platform you ultimately select to trade forex should provide prices in real time with the same liquidity offered to institutional traders such as hedge funds. You can be assured your dealer-broker has staying power if it can handle the volume of liquidity required by commercial traders.
The more solid forex trading advice you can get on a continuous basis, the more confident, consistent and profitable you become.