Earning money on Forex is not easy and only with a winning strategy you will earn steady money trading currencies.
The best strategy is the strategy that brings steady results every week with minimum drawdown and around 1% a day.
1. Have a strategy that including always a strict stop loss no matter how well you think the market will perform next when you have a losing position. Stop losses are your friends, they enable you to quit a losing position with small losses and invest your money in another more profitable market instead of keeping a losing position doing nothing for the next hours, days, weeks or months or even years.
2. Always use a small take profit with no more than 50 pips. You need to close your positions some day and if you wait for too long, the market always reverses and you lose your profits. Let the computer close the orders automatically because computers are machines with no emotions and will not wait for the market to either go up or down like a human traders does.
3. Keep your winning strategy no matter what. If you see a suddenly market change and you want to grab some pips, don't do it, keep your strategy that makes decent steady pips every week or every month.
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