If you do not want to confront losses associated with trading foreign exchange online, this article on teach yourself forex will be of great use to you.

Before we read any further, it is important for us to note that forex losses cannot be completed eliminated. The only good thing that can be done is to make efforts for reducing them and enhance the odds of making profits consistently by using time-tested trading strategies and techniques.

The first and foremost thing for you is to recognize yourself -- your needs and expectations in relation to foreign exchange trading. This will help you make sure that your risk tolerance level and capital are in accordance with trading standards and requirements. In addition to that, such an approach will also help you study and analyze your financial goals while reaping the most out of foreign exchange trading.

Once you are done with this, you need to systematically define a time-frame and an effective trading plan to kick-start your trading career. This will help you define what will success and failure mean to you, how you will react to them, and how your treat trading -- as a medium to generate extra income or stay close to financial independence.

After this, you need to choose a regulated foreign exchange broker after carefully evaluating the pros and cons associated with it. It is very important for you to match your trading goals with the offer made by the forex broker so that allowing profits to run and cutting down losses is an easy affair for you. Furthermore, you should choose an account package (demo, micro, mini, standard, or VIP) that suits your expectations, knowledge level, and expertise. It is highly important that you go for an account with low leverage as high leverage means high risk.

In addition to these foreign exchange trading tips, it is important for you to abide by the fundamentals of forex trading. Moreover, you should never enter or leave trades on a rumor or hearsay. In short, you should only buy or sell a trade when you are absolutely sure of what positive results and adverse consequences may result from performance of such an activity. Last but not the least, it is important for you to stay away from negative emotions such as greed, excitement, euphoria, panic, or fear. Any trade calculation or decision influenced by any of these emotions can ruin your trading day or career.