A few of you who are seeing this probably are not having a job that pays that much money and Even with a tiny Forex trading account, You are attempting to cultivate it but are unable to raise it. The first piece of advice I want to give you is to wait until you are ready to use a live account and invest your hard-earned money in a live trading account. First of all, before you do anything, test your trading strategy on a demo account before using it on a live account. Remember, guys: the last thing you want to do is risk your money on a trading strategy you discovered on YouTube. All of these factors combine to determine whether you are prepared or not for a successful trading strategy or trading plan when you do not have effective risk management. Do you have any one of these four things, including effective risk management, a Trading Plan, emotional control, or all of these things? The second piece of advice I want to give you is to control your risks. A stop-loss is a tool which allows you to instruct your broker to automatically close a trade once the price hits a certain level. You can think of your Forex trading plan as a set of rules for you to follow when trading and how you will implement them. You are not going to become a successful trader in a couple of weeks.

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