Educate Yourself on the Forex Market
It is important that new traders educate themselves on all matters pertaining to the Forex Market resisting the impulse to rush into trades before understanding the ins and outs of the trade. Learning through mistakes on the Forex market could leave you counting your losses, but lucky for you this can be avoided by taking the time to study the market. After clearly establishing your trading edge, you can now exercise patience by waiting for the right moment to execute your trade; patience is worthless unless the trader knows what they are waiting for.
Create a Trading Plan and Stick to It
The best traders in the market always plan ahead and are prepared at all times having compiled an elaborate trading plan after which they always act according to their plans.
Creating a plan does not necessarily mean that they trade all the time; novice traders usually accumulate losses because they think that they should be on the market trading all the time. Preparation is an important aspect to any successful trade but at times it's better to sit tight and wait for the trade to play out; just because the Forex market is open 24/7 does not mean that you should be trading all the time.