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The Forex trader's biggest enemy is greed. Don't try to go over the top. Trade a good system. Place small trades and be patient. If you have selected your EA well then it will pay off. I promise.
Far too many Forex traders will purchase an EA, plug it in, and trade it for a few days. The first time it loses a trade they are back on Google looking for a new EA. This is a big mistake.
In Forex, learning to control your greed is a prerequisite for achieving great wealth. Take controlled risks, never let your greed take over your decision making process.
Every EA has good times and bad times. Be ready to treat the bad times just as you would the good times. If you have selected your EA well then the good times will out weigh the bad times and you will make progress. Does that mean that you will never have any bad times? No absolutely not. A losing trade will happen at some point in time.
Maybe not tomorrow, next week, or next month, but eventually you will lose a Forex trade. Your job as a Forex trader is to treat that loss with the same respect that you treat the gainers.
Your job as a Forex trader is to manage your money in such a way that when the inevitable loss comes you stay in the game and recuperate. Not to jump around and find another so-called solution.
Remember the story of the tortoise and the hare: slow and steady wins the race!
The key to long-term success in Forex is to include correct money management into your Forex trading. The bottom line is to control your risk. Never trade more than you can afford to lose.
The key is to grow your Forex trading account little by little over time. Yes you will get losers but if the Forex trading system you are using is accurate enough those losers will be recovered. Again, this is where patience comes in by not jumping from one solution to the next.
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