First of All, We have to understand that the FX trader can analyze it fundamentally and technically.
As far technical analysis is concerned you may have a number of tools in your trading terminal like:-
Each tool is like a self-explanatory sort of description and you may find out everything in your trading terminal how to use it.
You may use one tool or combination but it must have the following rules.
Standard Operating Procedures
Determining the time frame.
Probably, It depends on what type of trader you are?
Aggressive day trader, who wants to have a result on a daily basis. If you wish to become day trader you have to work on a 5minutes chart or 30 minutes chat.
If you’re a conservative trader and wish to take advantage of swing trading you should stick with an hourly or 4hour chart.
Keep in mind swing may prolong one month to a quarter.
If you like positioning trading, for seeking advantages it may consist of the quarter, six months or yearly outcome, Stick to daily and weekly chart.
You should always determine your appetite risk like how much u offering to lose! a sound bit unpleasant, however, you will realize the facts after 2/3 months of trading with a live account.
Grues have pointed out that there are many ways to earn money but only one way to lose it. keep Learn what is that way the rest of your portfolio looks after automatically.
Finally, It entirely depend upon yourself, nobody else in this world can decide it.
However, my preference would b about 5 to 10 percent for this one must be adhered to stop loss and take profit no matter what circumstances could b there would b no changing in stop loss and take profit.
Hopefully, u have a bit glimpse about this subject.
Have a nice trading