There is so much that goes into trading Forex, and if you are not careful, you can easily be persuaded down the wrong path. Based on my personal experience, my advice to new and up-and-coming FX traders is:
01) This may sound rudimentary, but you must find or develop a system that works for YOU. A system that fits your lifestyle and personality. Some traders are drawn to the rush of excitement that can be fulfilled with scalping or active day trading. While others may have limited time, families or full-time jobs which may make them a better fit for swing trading. I used to be part of a Skype group of traders where they would passionately banter about Price Action vs Fundamentals. At the end of the day, it doesn’t matter if you are finding success with YOUR method of trading. Do what works best for you.
02) As aforementioned, Forex is a marathon, not a sprint. You truly must have immense patience and discipline to find long-term success in trading. Without these pillars, expect to have limited success (if any) with your trading.
03) In addition to Trading Psychology, the real game is won with Risk Management. A trader with little experience and a sub-par trading system could still yield positive results with proper risk management. Per CTI requirements, max risk allowed per trade is 1.5%. I personally use 1%, sometimes even as low as 0.50% per trade. Traders, if you plan to successfully trade a CTI account with a max drawdown of 4%, I advise you to start with low risk and a solid risk management system in place.