Please feel free to add to them and to clarify or correct them.
- 1.Plan your trade, trade your plan.
2. Do not panic.
3. Do not act according to instinct.
4. Always look at the graphs in the eToro lobby before you place a trade. look at the 1 hour and 24 hours. see if you get any hunch from the trends.
5. Practice in fun mode first and then switch to real money when you feel ready.
6. Define specific stop loss and take profit rates before opening the trade - and stick with them, this way no matter if the market is going your way or not you know exactly how much profit you are going to take or how much losses you are going to suffer.
7. Separate your emotions from your trading decisions. If you can’t do this go for a walk or something until you feel clearer.
8. Check Financial Calendars and the NFP for events that affect the USD.
9.Use Google - you'll find a lot about Forex Trading, Forex Tutorials and useful trading tips and tools.
10. Make sure that you only open positions when you see a strong trend in order to make it past the spread. If it's a slow day, or if the currencies are ranging (no confident trends in either direction), just don't trade. Even if it's in demo mode - that way you'll train yourself to be disciplined when it come to trading for real.
11. Look out for the news in the scroll bar, there are some good tips there occasionally. Check them against the graphs first of course, don't want to get caught in a reversal.
12. Plan your timing and apply your knowledge.
You could also visit my blog, which is written for "newbies" from a "newbie's" perspective.
Julie
http://who-gives-a-forex.blogspot.com/
