I would suggest firstly educating yourself about the forex market. Also trade only when you can afford to lose, Don’t put your entire capital into your trading account.
Think before opening every single trade before majority of the traders are entrapped by optical illusion, meaning whenever they see the market following uptrend, they make a buy entry without thinking and they did the opposite when they see the market following downtrend. So, analyze the market properly before taking a trade.
There are so many tips to consider, but my golden rule is to keep practicing until you are completely comfortable with your trade’s losses.
The topic title frankly pleased:) Your best guardian angel is yourself. Alas, this is the only way it works.
Very informative post. All the listed points are good and helpful. I feel that risk management, emotion management, discipline, and patience if handled properly can lead to a successful trading career.
after 14years of trading ,its good to see these tips again,how cute.
1.Always use a trading plan
-for sure
- Treat trading like a business
-the pay is more like a day job.
3 Use technology to your advantage (use charts and technical analysis)
- not neccessary
4.Protect your trading capital (don’t risk more than 2% on any trade)
-doesn’t apply to me
-
Focus on learning more each day
-its about the right path,99% of knowledge are useless -
Risk only what you can afford to lose (you can’t trade if you have no capital)
-doesn’t apply to me
7.Learning how to trade demands a lot of time and fact-driven research and study
-it took only common sense,and a clear mind
8 Always use a stop loss
-no neccessary
9 Know when to stop trading (don’t revenge trade or trade with emotions)
-emotion is ok ,revenge trade is ok ,as long as your basic principles are on.
10 Set realistic goals is an essential part of trading (don’t expect to be rich overnight)
-goal Setting is not realistic ,all i do is wait
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These tips above are a really good reference point for trading success .
Save that post or any post that you find value in .
That’s another tip 
As a newbie can anyone please tell me how to make and follow a proper trading plan. Any suggestions please?
Of course, without a plan we cannot really succeed in the market, we will be trading blindly. Before we start, devising a plan/strategy is the first phase as a trader before you even consider choosing a broker.
These tips are amazing! I think other than these tips, control over emotions and greed is also essential. Many people forget about the importance of being truthful to themselves while trading.
the success ratio is very low in this trading place , and its all about for temporary session.
Absolutely, money management is such an important parameter! We can’t stay here for a long time without following the proper money management rule!
Good list indeed, one ca never joke with having a proper risk management. In fact I call that the big secrete of forex trading and anyone who miss that has got big problems ahead.
One tip that really helped me was to be positive and consistent. Whenever I feel like giving up, I remind myself that this is a learning and experience-rich journey. I advise that everyone do the same.
First do all this on a demo account so you can learn without cost or risk -
When price is trending upwards, be long. When price is trending downwards, be short.
Always set a stop-loss at a price where the basis for your trade is now over - below an uptrend above a downtrend.
Adjust your position size so that the capital you will lose of your stop-loss is triggered will be 2% or less of what is in your account.
When your trade is in profit, exit when your profits are at least 50% more than what your stop-loss risked. But if the trend is continuing, look for another opportunity to get back in.
definitely a good tip. Consistency is key point in being successful. Without consistency then it’s more or less just like gambling, you can win big this month but loss everything the next month.
Money management is the key; maybe 2% is good for you, but I don’t take more than 1% risk on my per position!
A short, crisp post! Something that I would like to add here is interest; most people forget about the fact whether they are interested in the forex market or not, or are they doing it because they ‘feel the need’ to do so. If they are not interested, nothing will drive them to take action, let alone tips and tricks.
One tip which I want to add is to keep a trading journal. It is a small thing to do but this practice can help you a lot in your trading journey. You will be able to track your profits and losses and can also see the progress that you are making as a forex trader. So my advice to all beginners is to always journal your trades so that you can refer to them later to identify your mistakes and keep on getting better.
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Good tip. If we don’t know what we have done, how can we improve what we’re doing?