Key points to make you a profitable trader

In order to avoid losing money in foreign exchange, do your homework and look for a reputable broker.

Use a practice account before you go live and be sure to keep analysis techniques to a minimum in order for them to be effective.

It's important to use proper money management techniques and to start small when you go live.

Control the amount of leverage and keep a trading journal.

Be sure to understand the tax implications and treat your trading as a business.

The more practice, the more chances to become profitable. So practice, practice and more practice. This`s what I do all the time now.

But practice without sticking to the rules is useless

If you want to be a profitable trader, then you must give yourself completely to this business. Just like any other business. If you're serious, then you'll make money.

Agree. It is necessary to draw up a solid and reliable business plan to promote a trading strategy and practice. Calculate all risks and simulate critical situations on a demo account. That's the key to success.

The suggestions provided offer practical and important considerations to avoid potential losses in foreign exchange trading