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• Money management is part and parcel of any trading strategy. Besides knowing which currencies to trade and recognizing entry and exit signals, the successful trader has to manage his resources and integrate money management into his trading plan. Position size, margin, recent profits and losses, and contingency plans all need to be considered before entering the market.
  
  
• Fundamental analysis can be used to reinforce technical findings, or vice versa. Ideally, the FOREX trader will take several indicators into account when plotting a trading strategy.
  
  
• Exercise caution when signing up with a Forex broker. Do some background checking reputable Forex brokers will be associated with large financial institutions like banks or insurance companies and they will be registered with the proper government agencies
  
  
• Open Market Currency fluctuations are usually caused by changes in national economies. News about these changes is accessible to everyone at the same time there can be no "insider trading" in FOREX.
  
  
• Various currencies have different sized pips. The US dollar is expressed in pips of 0.0001 while the Japanese yen is expressed in pips of 0.01. The value of a pip depends on the size of a lot and the currency pair traded.
  
  

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