The HARDEST thing to do in trading is CONTROLLING EMOTIONS. There are PITFALLS everywhere, so learning to manage your emotional pull is crucial.
Here are some tips that help me:
1- Know your downside – allocate uniform amounts of capital on a per trade basis. I use UNITS of RISK to help me manage that process. For example, 1 UNIT can be $ 500.00. Knowing how much risk is on is EXTREMELY IMPORTANT.
2- Understand that you will MISS A LOT OF TRADES – leave orders and live with the fact that many times, even with fantastic analysis, you will miss trades. The saving grace here is that FX (every market for that matter) is full of opportunities. Like I always say, aim to trade well, not often.
3- Know there is no INSTANT GRATIFICATION in this business – if you are looking for that, go mow your lawn.