You must be willing to learn new thing and having a strong commitment and diligent to update your skills, knowledge and information basis. Most of the people fail in this field as they don't hold any strong commitment from the start. Moreover, they don't have the right information or knowledge to do it. You also don't need to own high-tech gadgets or computer to trade; your usual devices are enough to make your day in and out activities.
There is no concrete answer to this since all traders have different needs and goals. The key is to try out some different strategies and see which are most successful Most successful traders use a combination of strategies that have been altered to suit their personal needs.
Unfortunately, such strategies do not exist. Each strategy allows for damages, so one needs to aim for a positive outcome in the long term, assuming the risk of loss at a certain percentage of all completed trade deals. Because of this, every trading strategy should be first checked using a training demo account; once you are convinced of its efficiency, you may start working with real funds.
There is no best strategy as well as the best tool – every single one has its spheres of the highest results and has its weak points. Explore, try to use ready trading strategies, but try to create something peculiar and your own – and you will find a unique combination of tools and methods that will bring you profits.
Stops should technically be where the trade no longer makes sense. If you're buying a currency pair, ask yourself at what point would you be selling it? Or if you're selling the pair, at what point would you be buying it? The answer is a good first approximation as to where the stop should be technically. Remember, also consider the risk involved and cash management.
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