forex for dummies

Here are some of forex tips that i gather from various books and site :

Trading strategies that work well in an up-market may not work in a down-market.
systems that work well in a good trending market may not be applicable at all to a ranging market. The solution is either to have a system for each type of the market or make sure that one solid system will work well under all market conditions

Do not try to pick price tops and bottoms.
Searching for bargains is a good thing when you go shopping, but will put you in troubles if applied to Forex trading. Simply spot the trend and join it like other traders who are serious about trading do.

Always remind yourself that the first and the last market bars/ticks are the most expensive.
Delay entering the market on the first ticks and be out of the market early. On the open, never trade in the direction of a gap.

Never worry about missing out on a trading opportunity.
You are never going to run out of trades, so be firm and stick to your rules.

By using knowledge about currency correlation in Forex traders can easily avoid opening positions that cancel each other
Find out which currency pairs move simultaneously and which — in opposite direction.

Have your stop loss order in place
Put one on a decent distance, for example 100+ pips. Also do not use too tight stop orders as they will most likely be hit more often then you need to.

Spend less time trading Forex but make it quality time.
Trade only when you can be 100% focused

it is wrong to trade with the money that you cannot allow to lose.
Do not trade if you cannot afford to lose your money. Moreover, do not trade if you must make X amount of money per month to pay your bills in order to avoid financial trouble

Here are some more tips for the beginner...Please put in your mind before you start!

1. Spontaneous actions in Forex trading — are a part of pure gambling.
Any attempt to trade without analysis and studying the market is equal to a game or gambling.Do not try to trade without any analysis.

Tip 2. Never invest money into a real Forex account until you practice on a Forex Demo account!
You should first try using demo account,before try to trade into real one!!When you're feel comfortable,you can change to the real account.

Tip 3. Go with the trend!
Trend is your friend. Trade with the trend to maximize your chances to succeed. Trading against the trend won't "kill" a trader

Tip 4. Always take a look at the time frame bigger than the one you've chosen to trade in.
It gives the bigger picture of market price movements and so helps to clearly define the trend.

Tip 5. Never risk more than 2-3% of the total trading account.
One important difference between a successful and an unsuccessful trader is that the first is able to survive under unfavorable conditions on the market.

Tip 6. Put emotions down. Trade calm.
This is the most important thing.Don't be greedy by adding lots of positions when winning and if you loose,don't try to revenge after losing the trade.

Tip 7. Choose the time frame that is right for you.
Choosing wise means that you are comfortable and have time enough to analyze the market, place and close orders.

Hopefully some of these tips can help you..