Becoming a successful trader certainly takes more than reading a short article on forex success, but you’d be surprised at how far a few commonsense tips can carry you.

It is true that to be successful, experience, finances, and a good system are crucial, but for those just starting out, and for those discouraged with heavy losses, sticking with a basic plan work wonders for you. Below are some simple tips that can realign your focus and get you in the game.

1. Under no circumstance should you insert funds into a losing bet.

2. Before you even enter the trade, know in advance when you’ll pull out. Emotions get the best of us and we often lack the discipline to follow our own objects. Stay focused and follow the game plan.

3. Never forget the importance of a position. While you have a position, you should avoid making a market decision.

4. The judgment to exit signals your ability to anticipate a shifting situation.

5. Be careful to hold on to a dull market while within a bull market, and likewise, a bear market is no time to think about buying a dull market.

6. Trading is not always the way to go. Sometimes the smartest thing you can do is hold tight. Whether it’s a lack of funds or wild market fluctuations, sometimes the best thing you can do is sit on the sideline.

7. A system is good, but like cookie cutters, not all systems work in all markets. Be careful about using bull market systems in a bear market.

8.  Keep in mind that there are 3 very different kinds of markets, which include up, down, and range-bound. Plan in advance, and have a unique system for all three.

9. In the market as a whole, you can find trends moving in both directions, so it is your responsibility to find where the trend is most dominant, and to then find deals moving in that direction.

10. Buy or sell signals that fail are actually just the opposite, with buys being sells and vice-versa.

11. Be aware that it is usually easy to get into a losing deal.

12. When there is a blowout phase, bull or bear, risk administrators issue liquidation commands. The managers never look at the screen for over-purchased or oversold; they simply continue to issue liquidation commands. Whatever you do, it is not a time to block traffic. Clear out.

13. Go with your gut.

14. Purchase on rumor, sell on news.

15. The only time that news can be significant is when the market fails to respond accordingly.

16. This is a big one! Read yesterday’s paper. Read the paper on the day it is printed, and then read it again the following day. When you do this, you’ll get a feel for how the market relates to the news.

17. Avoid entering a new deal when it is going in the direction of what appears to be a gap. Don’t allow the market force you into a deal.

18. The two most pricey ticks are the first tick and the last tick.  Take your time getting in and pack up early.

19. If it seems like everybody is running to get in, then get yourself out of there.

20. If you are not feeling well, don’t play. You need to be on top of your game.