In Forex trading don’t ride a loss. This is stupid and being a coward. It is gutsy to accept a loss and wait for tomorrow to try again. Lots of Forex traders are ruined permanently by sticking to a bad position. The market often behaves in an illogical manner, so don’t commit to any one trade. One good Forex trade does not mean you are a trading success. Regular, ongoing performance over the long term equals a good trader.
Dreaming about possible Forex profits and “spending” them before anything has happened is foolish. Stay focused on the current position and place sensible stop losses when you do the trade. Sit back, relax because you have no control from this point. The market is illogical-remember!
Don't learn bad habits through demo Forex trading. This can be very dangerous in the long term, because you are dealing with virtual money. Learn your Forex broker's system, start trading with small amounts and remember only take a risk you can afford to win or lose!
