The first step to developing your skills as a Forex trader is to develop enough confidence in your trading skills and your Forex strategy to begin with. Once you have accomplished that, you can gradually work on improving your potential for profits. It’s important to note that you should make theses changes at a slow rate to avoid a dramatic or rather sudden change in your psychology that can ultimately lead to a loss of any potential profits you would of gained otherwise.
One of the things you need to consider when it comes to improving your trading strategy is that some Forex pairs are typically more volatile that others. Therefore, you may need to make some adjustments with your indicators and or entry and exit points, when you are applying your strategy on currency crosses or yen pairs. A reliable forex broker is also very important.
Many people end up losing thousands of dollars in their trades because they don’t have a risk management strategy. Therefore, you need to set up a risk management strategy and stick to it. For example, if you establish that you will only risk a certain percentage of your entire account on a particular trade such as 2% or 1%, stick to that strategy and avoid the temptation of deviating from it, under any circumstances.