16 Way To make you a Successful Trader : 
1. Trade with pairs, not directional with currencies – More importantly, trade pairs that have a direct negative or positive correlation. There are only a few pairs that have this relationship; however, it drastically reduces your risks.
2. Gain a Basic Understanding - When starting out trading forex online, it is essential that you understand the basics of this market in order to make the most of your investments. There are some resources available that will give you a basic overview, so you don’t have to waste time doing the research yourself and trying to decipher what is right or wrong
Although there are lots of forex strategies, unequivocally, the main forex influencer is global news and events. For example, say an ECB statement is released on European interest rates which typically will cause a flurry of activity. Most newcomers react violently to news like this, close their positions, and subsequently, miss out on some of the best trading opportunities by waiting until the market calms down. The potential in the forex market is in the volatility, not in its tranquility. By using the right margins and leverage, you can position yourself to benefit in both good times and bad times.
3. Unambitious trading - Many new traders will place very tight orders in order to take very small profits. This is not a sustainable approach, because although you may be profitable in the short run (if you are lucky), you risk losing in the longer term as you have to recover the difference between the bid and the ask price before you can make any profit. This is much more difficult when you make small trades than when you make larger ones, which is why 95% of the newbie forex traders lose everything in the first 90 days.
4. Over-cautious trading - Like the trader who tries to take small incremental profits all the time, the trader who places tight stop losses with a retail forex broker is doomed. As we stated above, you have to give your position a fair chance to demonstrate its ability to produce. If you don't place reasonable stop losses that allow your trade to do so, you will always end up undercutting yourself and losing a small piece of your deposit with every trade.
5. Independence - If you are new to forex, you will either decide to trade your own money or to have a broker trade it for you. So far, so good. But your risk of losing increases exponentially if you do either of these two things:
• Interfere with what your broker is doing on your behalf (as his strategy might require a long gestation period);
• Seek advice from too many sources - multiple input will only result in multiple losses. Take a position, ride with it, and then analyze the outcome - by yourself, for yourself.
The best scenario is to utilize a system where you are in control of your money. With a good system, you will spend two or three hours getting up to speed and setting up your initial market position. After all, the system will do all the work for you, so you will only need to spend 15 – 20 minutes per week managing your account.
6. Tiny margins - Margin trading is one of the biggest advantages in trading forex, as it allows you to trade amounts far larger than the total of your deposits. However, it can also be dangerous to novice traders, as it can appeal to the greed factor that destroys many forex traders. The best guideline to follow is to increase your leverage in line with your experience and success.
7. No strategy – quite simply with no strategy, you have no plan or map to reach your investment goals. You may get lucky, but sooner or later, you will lose your money, so start off on the right foot, and develop a strategy that is proven to work. If you have no clue where to start, go here.
8. Trading Off-Peak Hours - Professional FX traders, option traders, and hedge funds posses a huge advantage over small retail traders during off-peak hours (between 2200 CET and 1000 CET), as they can hedge their positions and move them around when there a far smaller trade volume is going through (meaning their risk is smaller). The best advice for trading during off peak hours is simple - don't.
9. The only way is up/down - When the market is on its way up, the market is on its way up. When the market is going down, the market is going down. That's it. There are many systems which analyze past trends, but none that can accurately predict the future. But if you acknowledge to yourself that all that is happening, you can incorporate a strategy that always allows you to benefit in either direction the market is flowing. The simple concept of buying low and selling high – never selling low.
10. Trade on the news - Most of the really big market moves occur around news time. Trading volume is high, and the moves are significant; this means there is no better time to trade than when news is released. This is when the big players adjust their positions, and prices change, resulting in a serious currency flow.
11. Don't trade too short-term - If you are aiming to make less than 20 points profit, don't undertake the trade. The spread you are trading on will make the odds against you far too high.
12. Don’t Try to Outsmart the Market; it won’t happen – Keep your trading simple. Don't over-analyze all day and never make a trade, or you will miss opportunities. Follow your plan, which should consist of strategies for when your currency pairs are up or down.
13. Tops and Bottoms - There are no real "bargains" in trading foreign exchange. Trade in the direction the price is going in, and you're results will be almost guaranteed to improve.
14. Ignoring the technical indicators - Understanding whether the market is over-extended long or short is a key indicator of price action. Spikes occur in the market when it is moving all one way.
15. Emotional Trading – Without a trading plan and strategy, you're trades are essentially only thoughts, and thoughts are emotions, which is a very poor foundation for trading. Most of the time, when we are upset and emotional, we don't tend to make the wisest decisions. Don't let your emotions cause you to lose money.
16. Confidence - Confidence comes from successful trading. If you lose money early in your trading career, it's very difficult to regain it; the trick is to learn the business before you trade. Remember, knowledge is power.
The basic fundamentals included in both parts of this report will help you to get started on the right foot and will provide a good solid foundation that will allow both you and your profits to grow.
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