Here are the top 10 things to do to have forex trading success:
1) Get rid of your indicators – They are just getting in the way. If you are able to trade just using price action, you are way ahead of the curve.
2) Understand money management – you could have the greatest trading system in the world, but it would not mean much if your constantly over leveraging your account. Remember, it's a marathon, not a race. You will not be a millionaire overnight, so there is no reason to risk that much.
3) Do not stay on demos too long – It's normal to trade on demos when you are first starting out. But you've got to cut the chord quickly. Trading with fake money can not prepare you what its like when you're trading for real. There are emotions involved when real money at stake.
4) Control your emotions – Nothing can destroy an account faster than emotions. If every single trade causes anxiety. You have to learn to relax and take a deep breath. You will not make it far in trading, if you're constantly having panic attacks.
5) Start off small. Do some mini trading – Once you got the demo trading out of your system, start off trading on a mini account. Chances are you are not quite ready to play full lots (both financially and emotionally).
6) Do not trade with more than 200: 1 margin – Margin is the livelihood of any forex account. Anything over 200: 1 can destroy an account quickly.
7) Stay away from forex EAs and trading robots – Until we live in a day where trading robots can comprehend economic news like interest rate decisions and trade accordingly, you're better off learning to trade for yourself.
8) Prepare for news – There is always news happening every single day in the world. You have to be prepared. Know what analysts are expecting and what happens if actual results do not match expectations.
9) Be prepared to trade a 24 hour market – For former stock traders, it takes some getting used to. With stocks, your day is over at 4 pm EST. With forex, you may have to babysit trades from dusk to dawn.
10) Enjoy what you are doing – There's no point in trading forex, if you're going to be miserable. If you feel like you're just going through the motions, then forex trading may not be for you.