Abide by your strategy

Abide by your strategy. This forex trading tip implied another one: you must have a strategy! Before you start trading forex, you should know exactly what your trading plan is. Set yourself a limit amount and eventually a limit date, and an exit strategy. You must know what to do if the market moves in your favor, but you must also know what to do if it moves against you. Do not leave anything to chance. You should analyze every possible scenario to minimize your risk and not be caught by surprise. Be consistent with your strategy, you have all the tools you can think of to carefully plan your forex trading strategies.