Establish your risk tolerance up front, in order to make clear trading decisions you can comfortably live with. Determine your own reward-to-risk ratio levels, based upon your particular financial circumstances, and know your limits and tolerances. You must never risk more of your money than you could stand to lose. selling gold Successful traders in the foreign exchange market are only successful in part because of three important factors: Timing, price forecasting, and money management. They're able to spot the trends in the market. They're able to get in while the getting is good. And they are able to manage their money well. Stick to several Forex pairs. It is usually advisable to keep things simple by concentrating on a maximum of two currency pairs, especially when you are a beginner. By keeping your focus limited, you will be able to study the behavior and trends of the currency. You will soon find that there are different daily ranges and volatility levels on certain days of the week, and even at certain times of day. Study the market, and keep things simple to begin with.