1) Calculate risk reward ratio for your trades. 2) Risk small percentage per trade and set 2-6% stop loss. 3) Set a profit order. 4)Avoid overtrading 5) Do not use very high leverage. 6) Backtest 8) Maintain a trading journal 9) Understand psychology and learn from your trades.
It's impossible to avoid losses on forex, nevertheless I know some traders who could handle trading without losses. They are really careful and the matter here is to determine the direction of your strategy correctly. To my mind, nowadays traders are eager to earn as much money as they want and it doesn't mean any tactics. They just want to open positions and receive money, while it doesn't work like that. The main idea o trading means that you have to know your strategy and you have to understand how to apply it without losses. In the case you will be able to trade successfully actually.
Though you cannot avoid your losses completely, a good trading strategy along with a lot of practice is the only way you can reduce your losses to a certain extent. Just keep noting your trades in a trading journal to always have an idea of your performance over time.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.