Anyone have any tips or tricks for playing well on the Forex? -

It s actually hilarious, that I analyse the charts, read the commentary and follow the news, yet EVERY time I open a position, the currencies go the other way. Any tips? Learn stochastic calculus and maths modelization first. It s your only way to making consistent profit on the FX. Charts are a great way to quot;learnquot; except they have no PREDICTIVE value whatsoever... sounds familiar? ;) The main tip is to manage your risk. That is the only thing that separates the amateur to a professional trader. Any amount of maths can t help you. If there was a magic formula, someone would have made infinite dollars already by predicting and forecasting the markets. All those ebooks and programs claiming super profits do work - but not consistently and regularly. Thay only draw in the greedy with their claims of making thousands of dollars in minutes. Trading professionally is an art of consistency not quick profits. It is true what you say how when you do open a position - and it goes against you - it happens to the best of us. This is where your risk management plan - your stop loss comes into play. Understand trends and go with the longer trend - longer time scale for your trades. Short term trades require more discipline in executing your exit as well as wisdom in knowing the markets. read the charts, and know what your risk/reward ratio is before you enter into a trade. Nine out of ten investors that try FOREX fail. Successful traders lose 7 out of 10 trades. Some keys to success; Stick by a quot;risk / rewardquot; ratio that you re comfortable with. Set stops and limits (to start) to secure profits (at the right ratio) and limit losses. What do you mean by read charts. If it means quot;....it looks like it s going up...quot; you don t know how to read charts. Do you understand trends? Are you using three or more ways to identify a good trade? There are no tips in the currency market. I lost some $$$ trying to figure it out. Now I m taking 6 months to a year to really learn amp; understand this market. There are some very good books out there amp; on-line courses (TIP s will lose you money, work hard and this will work)..... They offer workshops and seminars for a fee. Before taking action maybe you should try a few mock trades. Also when you analyze and conclude, what is your time horizon? I m sure you know already that the longer the time horizon lessens your speculative risk. Before you take part with currency trading, have you experience with equity trading? If not, maybe you could start from there and work your way to currencies because it is a lot more volatile than equity.