Practice on a demo first

A demo is a perfect way to become familiar with the trading platform. This is a must before you start trading a real account.

Don’t overtrade

Even though trading more lots than you should might be tempting at times, it is a sure ticket to failure. Sticking to a smaller trade size will keep you in the game longer.

Always use stops

Limiting the amount you risk per trade is essential. Make sure that the number of lots you trade times your stop (that is, the amount you risk) is not more than 5% of your account. Our most successful traders risk 1% or less!

Never add to a losing position

Traders that don’t follow this advice will blow up their accounts eventually. Let your stop take you out of your losers. 

Know the news

News moves markets. Make sure you’re aware of the scheduled news and economic releases that are likely to impact the market on a daily basis. Be careful during these times. Search for a good “forex calendar” on the web to find out when these releases will take place and be ready.

Don’t “predict” what the outcome of a release will be

It is impossible to know what the outcome of a particular news release will be or how the market will react to it. That’s why you shouldn’t hold a position into a release.

Don’t force your trades

Some traders want to make X dollars a day consistently. This is not always possible. If there are no opportunities on a particular trading day, then don’t trade. When you force your trades, you will lose money unnecessarily. 

Evolve!

Even after you master the techniques in this basic e-book and in our more advanced e-books, you need to continue evolving as a trader. That includes the possibility modifying what you have learned to meet your trading style or personality – or even coming up with a totally new way to trade! The market is a dynamic animal and so is a successful trader!

Source http://www.forex-day-trading.com