The first thing you should consider is the fact that sniping and hunting - or prematurely buying or selling near preset points - are morally doubtful actions used by brokers in order to increase their profits. Clearly, no one will ever admit to resorting to such measures, but an idea that brokers have practiced sniping or hunting is generally regarded as true. Sadly, the only method to check which brokers do this and which brokers don’t is to consult fellow traders. There is no blacklist or organization present that would report such shady activities. Therefore, you are advised to consult others in person or join online discussion forums to discover who is an honest broker.

Another thing that you should keep a close look at are strict margin rules. When a person is trading with borrowed money, their broker has a say in how much risk they have to take. As a result, your broker can purchase or sell at its discretion, which can often be a negative issue for you. Let’s assume you have a margin account, and your position takes a dive before rebounding to all-time highs. Even if you have a sufficient amount of money to cover, certain brokers will liquidate your position on a margin call at that low. Such action on their part can seriously damage your position. Once more you are advised to consult others in person or visit online discussion forums to see who the honest brokers are.

Remember that signing up for a forex account is very similar to getting an equity account. The only significant difference is that for forex accounts, you are obliged to sign a margin agreement. According to this agreement you are trading with borrowed money, and therefore, the brokerage is legally entitled to interfere with your trades in order to protect its interests.

First of all, open a demo account and do some paper trading until you are able to make a consistent profit. Many people make the mistake of jumping recklessly into the forex market and end up quickly losing a lot of money (due to leverage). It is essential to be patient and learn to trade properly before putting your money at risk. The best way to learn is by doing!

Secondly, try to trade without emotion. Do not keep “mental” stop-loss points if you are not able to execute them when the time is right. Always set your stop-loss and take-profit points to execute automatically, and do not change them unless you really are forced to do so. Make your decisions consistently and stick to your plan!

Finally, remember the trend is your most valuable companion. If you decide to go against the trend, you had better think about a really good reason to do so. Due to the forex market tendency to trend more than move sideways, you chances of success are higher when you trade along with the trend.

There are many forex brokers available on the market, but before you decide to choose one, always look for wide range of leverage options. Leverage is essential in forex due to the fact that the price deviations (the sources of profit) are as small as fractions of a cent. Leverage, presented in form of a ratio between total capital available to actual capital, is the sum of money a broker will lend you for the purpose of trading.

For instance, a ratio of 100:1 indicates your broker would provide you with $100 for every $1 of actual capital. Often brokerages provide the ratio of as much as 250:1. Bear in mind that lower leverage indicates lower risk of a margin call, but also lower profit for your money (and the other way round).

To sum it up, those who have limited capital should make themselves sure whether their broker offers high leverage. If capital is not an issue, any broker with a wide range of leverage options should be fine. A wide range of options lets you alter the level of risk you are willing to take. For instance, less leverage (and as a result less risk) may be a good idea for very volatile currency pairs.

In most cases forex brokers will offer two or more types of forex accounts. The smallest account available is referred to as a mini account and sets a requirement of trading with a minimum of, for example, $250, providing a high level of leverage (which is needed if you want to make money with so little initial capital). The standard account allows for trading at a wide range of different leverages, but a minimum initial capital of $2,000 is required. Finally, premium accounts, which typically require considerable amounts of capital, are for those who would like to use various amounts of leverage and typically provide additional tools and services. To put it simply, be certain that your broker provides you with the proper leverage, tools, and services relative to your amount of capital.

Never invest money in a real Forex account before you practice on a Forex Demo account!

• Spend at least two month practicing with demo trading. Think about this: 90 percent of beginners are unable to succeed in the real money market simply due to lack of experience, knowledge and discipline. The remaining 10 percent of successful traders had been developing and forming their skills on demo accounts for years before starting their work on the real market.

Go with the trend!

• Bear in mind that trend is your friend. Trade with the trend in order to maximize your chances of success. Trading against the trend will not “kill” a trader, but will surely demand more attention, nerves and sharp skills to reach the trading goals you’ve set.

Always pay attention to the time frame wider than the one you’ve chosen to trade in.

• It gives the bigger picture of market price movements and, as a result, allows to clearly define the trend. For instance, when trading in 15 minute time frame, examine the 1 hour chart; trading hourly would require getting a picture of daily and weekly price movements.

Never risk more than 2-3 percent of the total trading account.

• One significant difference between a successful and an unsuccessful trader is that the former is skilled enough in order to survive in unfavorable conditions on the market, while an unsuccessful trader will blow up his account after 5 or 10 unprofitable trades in the row.

Put emotions aside. Trade calmly.

• Do not try to take vengeance after losing the trade. Don’t be greedy by adding lots of positions when winning. Overreaction blocks your ability to think clearly and in consequence will cost you some money. Overtrading can disrupt your money management and drastically increase trading risks.

Opportunities for thieves to discover information about you are countless. Identity thieves are smart; you have to be smarter.

Destroy all sensitive documents

• There are several countermeasures you can take in order to help prevent identity theft. After getting through your mail, cleaning your desk at home or work, or cleaning out your car - do not simply throw your personal things into the dumpster. Receipts, utility bills, bank statements, loan statements and credit card offers and statements must be completely destroyed before you throw them away. Consider buying a paper shredder and shred everything you are throwing away to eliminate the possibility of someone finding out information.

Check the signature on the receipt

• Some time ago people believed it would be difficult to use another person’s credit card. After all, you must sign your name when buying something with a credit card, right? You should protect your credit cards in the same way that you protect your cash. Merchants hardly ever check that the signature on the back of a credit card matches the signature that is signed on a receipt when something is purchased.

Inform your creditor about the stolen card

• If you have lost your credit card, or it has been stolen, immediately inform your creditor about the situation. The credit card company will temporarily freeze the account in order to prevent any purchases from going through. Additionally, they can trace the place where somebody has tried to use your card. This will be helpful in the efforts to find the thief.

Read your bank statements carefully

• The most important countermeasure you can take on a daily basis is to read your credit card statements and bank statements right after getting them. Search for any purchases that you did not make, and contact the credit card company as soon as you find something suspicious. If identity theft is caught early enough, it can frequently be stopped before it gets out of control.