There is much uncertainty associated with the currency market; although payouts can be great, losses can be large too. To optimise your chances, it’s a good idea to have a set plan in place before you start trading.
Before entering a trade, consider the long-term goals that you intend to achieve and conduct research into the Forex market accordingly, to choose currency pairs that are optimal for your trading objectives and style. Consider the duration that you would like your trade to be open for and create a strategy to suit this. For example, whether the market moves up or down, at which rate of exchange will you choose to close your trade? It is important to make these decisions before you start trading, so that you can place stop losses and limit orders accordingly.