My 2 cents worth. I have been trading FX for 1 yr now and have found ff to be a gold mine of info. I have noticed too many people focusing on systems and too few on money management or leverage. I have a simple suggestion. Do not trade greater than 5,000 currencies and 50:1 leverage until you're account is over $2,000 USD. You will be in the game longer and you have proven to yourself that you have some dicipline if you can take a mini account ($250 ish) to $2,000.
Also, adjust your profit taking to match your time frame. If you trade a 5 minute chart, be happy with a 10 to 20 pip gain. Usually hanging on to a profitable trade too long will net you a loss. I've lost count of the trades I was up 10+ pips only to watch them fade back and hit my stop loss for a loss. A higher time frame of 1hr or more will allow you to go for larger pips of 50+. Don't be greedy! Every now and then you may run away with a profit of 100+ pips but thats not the norm.
Try putting one indicator on a chart and watch for price reversals. You will say to yourself " I can see that, why didn't I just wait". Overtrading empties your account. Wait for something you can see, don't just enter a trade because a system tell you to. I use support/resistance and 50/100 levels to trade. You will increase you're winnings after you adjust you're profit taking based on you're time frame and waiting to enter a trade until you can "see it" based on the price action (phew, long sentence). It took me a while to learn this, I hope it helps you make money.
Also, adjust your profit taking to match your time frame. If you trade a 5 minute chart, be happy with a 10 to 20 pip gain. Usually hanging on to a profitable trade too long will net you a loss. I've lost count of the trades I was up 10+ pips only to watch them fade back and hit my stop loss for a loss. A higher time frame of 1hr or more will allow you to go for larger pips of 50+. Don't be greedy! Every now and then you may run away with a profit of 100+ pips but thats not the norm.
Try putting one indicator on a chart and watch for price reversals. You will say to yourself " I can see that, why didn't I just wait". Overtrading empties your account. Wait for something you can see, don't just enter a trade because a system tell you to. I use support/resistance and 50/100 levels to trade. You will increase you're winnings after you adjust you're profit taking based on you're time frame and waiting to enter a trade until you can "see it" based on the price action (phew, long sentence). It took me a while to learn this, I hope it helps you make money.