Control Your Emotions: You need to learn to control those emotions running around your head. This isn't a business for those that get "caught up", "worked up", "upset" or have "gut feelings". If you want to make it, you need to be making sound decisions on calculated numbers. There is just no other way around it. Be smart, calculated and control your emotions. If you feel yourself losing control of them, take a break.
Cut Your Losses: You will have trades that are bad. It happens to everyone and its just part of the business. Losses aren't all that bad, the problem comes in when you can't let go of a losing trade and lose even more money. Before you make a trade, set up a stop-loss point. This basically says, if the currency drops to this level, it will automatically sold. If you buy USD/CAD at 1.100 and you set your stop loss at 1.000, you will automatically sell if the currency goes to 1.000. It's simple and objective way to cut your losses.
Don't Be Overconfident/Overbullish: After you make some nice profitable trades for the first time, you'll probably get a little high on yourself and get a little too confident. In this case you often think the market is going to go much higher than it actually does. This is just something you need to avoid because your inflated ego will take you too the poor house.
These are my foreign currency exchange tips, so I hope they serve you a profitable long term trading experience.
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