First you need to understand that Forex trading is unlike regular investments and gambling; so that way you cannot say you lost in an investment or opted for a bad bet. Forex trading is an expert art or science whatever you consider for your comfort, wherein you need to know the latest happenings in the Forex market and access the latest Foreign exchange rate.
Know the Trend and Apply Your Mind
Foreign currency market trend plays a vital role in determining whether a trader will lose or gain from his trade. However, even if you know the FX market trend, you may not be successful unless you know when to enter and when to exist while trading. Like you, most of the Forex traders want to buy at the lowest prices and sell at the highest – opposite is also true, but not all are experts on timing.
Have a Clear Strategy
What you need to have is a clear strategy when doing Forex trading. If you depend a lot on luck, it may not shine when needed the most. You may also suffer from ‘Gambler’s Fallacy’ i.e. you lost a lot many times and now it is your turn to gain. However, this way you are just going deeper and deeper in an abyss. You need to learn the fundamentals of Forex trading to get something profitable out of it.
Explore the Avenues
Today, many Forex brokers provide online trading platforms; they also provide useful tips. Some of them also offer free of cost demo accounts that you can access to grasp what would it be like trading with a real Forex trading platform. Once you feel comfortable with the demo trading account, pay for the actual trading and invest small amounts as it would not be wise to invest a hefty amount when you are new.
Get out of the Trade When Time is out for You
You cannot stick for long when you are not making any money out of Forex trading. Just get out of the trade when you sense signals are not right and the chances of gains look bleak.