Trading Forex carries a high degree of risk. To be a winner, a trader must learn how to manage this risk and how to have more winning the losing positions at the end of the month.
1. Always trade the 4 major pairs, the EUR/USD mostly, the USD/JPY, the GBP/USD and the USD/CHF. These are the cheapest pairs to trade and since they are the most liquid, their values change the most often allowing serious profits in less time.
2. Always use a stop loss. No matter how well the technical are, no matter how long you waited for the price to come down, and no matter how low the price is at the moment, bad news can be published that ruins profits. The stop loss makes sure that such bad news will not hurt your profits that much.
3. Always take profit with less than 50 pips. Do not wait for a currency to rise 1000 pips and make a serious profit. That never happened in a day and probably never will. It is much better to make 50 pips, then wait for the currency to come down and then buy again and then wait again, than to wait ten years to earn on a single trade.
4. Finally never use more than 1% of the equity to open a trading position and the sum of all open positions must not exceed 10% of equity and with 10% you are already risking too muc capital.