www.itismyworld.com

Never risk more than 2% of your money in 1 trade.
One of the most important aspect of forex trading is money management.
I open 3 lots/3 Mini lots per trade.
Always have a stoploss for everytrade.
If I risk x pips on a trade my take profit 1 will be x pips.
When take profit 1 is hit one lot is closed and and move the stoploss on the other two lots to breakeven. This way we have locked in profits on the trade.
Second take profit level will be a significant resistance, bolinger band or anyother point where trade is likely to reverse. At the second take profit level one more lot is closed and ...third lot is left running for maximum profit. Most times I leave a trailing stop on the third lot.