Pick one currency pair to start and learn all about it. Trying to learn everything at once will take you way too long, and you'll never actually start trading. Pick a currency pair you are interested in and then learn about that one specifically. This is most effective.
Never trade on a whim or make an emotionally=based decision. Emotions, such as panic, fear, anger, revenge, greed, euphoria, apathy and desperation, can have detrimental effects on your Investing trading. Letting your emotions take over will detract your focus from long-term goals and reduce your chances of success in trading.
It is unreasonable for you to expect to create a new, successful Investing strategy. You are not going to become an expert trader overnight. You are unlikely to discover any radical new strategies worth trying. Study proven methods and follow what has been successful for others.
Don't trade on a thin market when you are just getting started. A market that is thin is one that not a lot of people are interested in.
Investing should be taken seriously, and not thought of as a game. Thrill seekers need not apply here. A gambling casino might be a better use of their time and money.
You should change the position you trade in each time. When people open in the same position every time, they tend to commit larger or smaller amounts than they should have. Your trades should be geared toward the market's current activity rather than an auto-pilot strategy.
Using stop losses is essential for your Investing trading. This is a type of insurance to protect your investment. If there is a large, unexpected move in the market, the stop loss order will prevent you from taking a big loss. Protect you capital by having the stop loss order on your account.
Research read here the broker you are going to use so you can protect your investment. Look at five-year trading histories, and make sure the broker has at least been selling securities for five years.
As a new Investing trader, you need to decide in what time frame you want to work. Use charts that show trades in 15 minute and one hour increments if you're looking to complete trades within a few hours. If you want to be more like a scalper, than plan on going with the 5 or 10 minute charts, and that will have you entering and exiting in minutes.
A technique used by many people who have achieved success in the foreign exchange markets is to keep a detailed journal. You should document all of your success and all of the failures. Keeping a diary will help you keep track of how you are doing for future reference.
This advice is good for new traders and those less experienced ones because some of the best advice comes from seasoned traders who are successful. Use the advice outlined here to help you get started. The Investing market has almost limitless potential for those who are willing to put in the time, energy and focus needed to master the trade.