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Like posted above, don't bring emotions into your trading. When I first started dabbling with Forex back in 2001. id get in a trade, get stopped out, get pissed of, make a new trade trying to recover the first loss lol. Trading like that will take your account to zero real fast.
Like INever said above, watch for even numbers, for instance right now the USD-JPY is 102 even.. Trader commonly take profits around even number, have their stop losses set at them so always watch around these for a lot of price action. Use your indicators like the MacD, Hiken Ashi, 50, 100 and 200 moving average (MA) and (SMA)
Finally, you to keep up with the reports and news releases. Everyday there are quite a few reports issued on economy indicators such as the unemployment rate, ISM Manufacturing, Retail sales, Core sales, GDP etc.. The biggest to watch as far as the US Dollar is concerned is Retail Sales, GDP, ISM Manufacturing, Monthly FOMC Meeting minutes and Interest rate decision. When these reports come out is pretty fucking common to see a 50-100 tick spike in one direction.. Say for instance, if the GDP Forecast was coming out tomorrow and the forecast was 3%, if the report came out 5% you would see a big spike in the US dollar, if it came out at 1% you would see the dollar lose value. Trading forex is risky as hell, and if you just jump in without testing the water, all you will be doing is donating your money to a large bank lol.
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