While trading with a practice account, develop your own strategy with the help of current news, charts and patterns available on the trading platform. Learn important indicators like moving average price, moving average convergence divergence (MACD), candle stick patterns and parabolic SAR. These are very important indicators and you must develop your trading strategy based on these indicators. This will increase your chances of earning decent money from the market. It is recommended to trade during the busiest hours of the market between 13:00 GMT to 16:00 GMT when the London session and the US session overlap to earn maximum profit. But be careful as there are equal chances of loss as well.
Fourth, be a risk taker and have a proper money management. If you do not want to take risks, then don't be a forex trader in the first place. Forex trading is all about risking your money, and if you are coward about this, you'll never win.
Most traders start their trading plan on a shaky foundation that utilizes a confusing method that they themselves barely understand. Why use lagging indicators that are derived from mathematical formulas that you don’t understand which ultimately just show you past price movement that you could have seen in a much more relevant form using price action analysis? The bottom line is that forex trading is an intensely psychological profession, and until you realize that every aspect of your trading plan needs to take into account the psychological aspect of market activity you are doomed to fail. A solid trading method is usually the first thing traders try to obtain when starting out. Generally, they pay way too much for junk systems that just cover up the relevant price action setups that you can spot on any naked price chart. Don’t fall prey to the scam of complicated indicator based systems or signal services. Learn price action analysis and teach yourself how to fish in the forex market, then you can eat for free for a lifetime.
There are really only two ways of day trade: Continuation or Reversal. Continuation includes breakouts together with trends, while Reversal focuses on trading ranges in the edges, betting against a breakout. Which hours you exchange need to dictate which style is perfect suited for you. If you want to trade over the most active hours you most likely want to look for breakouts and make an effort to experience trends. If you are earning a living the quieter hours after that fading the edge for the range is a higher possibility installation. Either way, success comes from using proper risk vs reward analysis, that means setting a stops and profit objectives in the right places.