Before starting to trade forex, it becomes important to learn certain money management skills. First of all, you should forget the fact that it is your money that you have invested. Think of it as a demo account or someone's money. This will help you to detach yourself emotionally.
Don't ever think that you will gain profit in every transaction. There is bound to be a loss sooner or later. So, plan for the loses that you may incur. Plan in such a way that you maximize your profit and keep the losses to a minimum.
Always keep a regular record of each and every transaction that you make. This will help you to analyze how efficient your trading strategy really is. Don't ever jump blindly into a trade
Train well using a practice account before actually beginning to trade. Most of the online brokers offer practice accounts for a period of one month. Make sure that you get comfortable with the trading platform.
If you get emotionally attached to your investment, you will never exit out of a trade and will surely end up losing all your funds.
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