When trading Forex Currencies or CFD's, it is a must to follow good money management method to make sure that you always reduces losses and get more pips So you can try following for better trading experience.
1 Have a trading journal
Each time you place a forex trade, note down why you decided to enter that trade. This way you can judge yourself easily to improve winning chances reducing losses.
2 Use a fixed amount for each trade
Well this is one of the important things. Many try to cover losses by increasing the trade amount and ultimately losses everything. What you need to do is, figure out how much you can risk per trade. Say you can put $10 per trade. Then always maintain this same value for each trade. Once you are successful with $10 for say at least 6 months. Then you can increase to next fixed amount that you are comfortable with ( This applies to IQ Forex broker, if you are using a different broker make sure to use 0.01 ~ 0.05 lot size depending on your account capiatal ).
3 Don't Over trade
Trade only a fixed number of times per day or week. Even if you win all trades, don't trade anything over that ( Anything below daily/weekly limit is fine but don't increase number of trades ).
4 If you are loosing more than 3 trades in a row, stop trading for the day
If you are loosing 3 trades in a row means the market may not be ideal for the pattern that you are using. Therefore stop trading for the day.
5 Follow the trading rules 100%
As per the trading method that you are using or following ( eg : pinbar candlestick trading method ). Always enter a trade only once 100% of the rules are met.
6 Patience and never give up attitude
Well more than the pattern you use to trade, patience is more important, Unless the rules tally with your trading pattern, avoid entering a trade. The time it take to success in trading can vary. So never give up.
