a. Start with a Demo Account:
- Before trading with real money, practice your strategies on a demo account. This allows you to familiarize yourself with the MT5 platform and test strategies without risking capital.
b. Keep a Trading Journal:
- Maintain a trading journal to track your trades, strategies, and results. Analyzing your performance helps identify strengths and weaknesses.
c. Manage Risk:
- Implement proper risk management techniques, such as setting stop-loss and take-profit orders to protect your capital.
- Avoid risking more than 1-2% of your trading account on a single trade.
d. Stay Informed:
- Keep up to date with market news and economic events that can impact your trading strategy. Use the Economic Calendar in MT5 to track upcoming events.
e. Be Disciplined:
- Stick to your trading plan and avoid emotional trading. Develop a clear set of rules for your strategy and adhere to them consistently.
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