First, you need common sense, good judgment and analytical skills to trade forex successfully. A trader needs to make logical decisions, void of emotions while trading.
Secondly, you need to develop a plan for trading; proper planning prevents poor performance. What trading system are you going to use to achieve your daily, weekly and monthly targets? Success depends on creatiing a trading plan, and maintaining the disciple to trade the plan.
Lastly, once you have decided to invest in forex trading, your cash is everything you've got. So, to be a successful forex trader, you must learn to protect your cash in your trading account. No cash, no trading!
How then do you protect your cash? You should approach forex trading with a long term perspective in mind say six months to one year. Trade little lot sizes, place a few trades per day and place those trades in the direction of price trends.
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