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I have experienced such things but never thought in this way. I have goals for each day and when they are in my pocket, I close and work on next strategies. I never overdo things.

500 x and 200 x respectively, you can check in the list too. But be careful while using leverage the lesser it is the less is the risk.

Agree, patience and consistency are two most important aspects of a good trader.

Yes, and it is always better to back-test your strategies for different time frames. Possibility of failure reduces to great extent.

What I believe is, everyone should practice on demo accounts in initial days of trading, also when you make a new strategy it would be preferable if you test it first on demo in order to avoid risks in live trading.

As per my brokers fxview and fxpro, no charges, not sure about others, you can check.

That's a good take that you practice on a demo account first, what else do you do to manage the risks?

Trade with stop losses and take profits, this is the best I can give :p

Kinda yes, let’s say you are using bank wire transfer only and it takes quite some time to transfer into your trading account, but wallets avoid that. Personally, I keep sufficient funds in my wallet, so that I can transfer them into my trading account immediately.

Well this is something I am reading for the first time. Great!

Agreed bro! Youtube is filled with genuine videos, searching for the specific topics is really helpful. I still do that along with trading. Learning is never ending process.

Yes, it definitely is. Every trader needs to diversify his trade well to minimize losses.

Correct! Trading does not show up the same results all the time. All we have to do is remain calm, no matter we have profits or losses.

That's a good way to go forward.

Yes for critical area but that's not all. Sometimes you need a solid relationship with broker to gain confident in trading. Regulation, customer support, withdrawal things are some top layer things to consider before going into next layer to look at, Onra did a good job to list out the checklist...

Which is more appropriate, that depends on the trader only. Some prefer part time and others want to do it full time. The preferences vary from trader to trader.

Good checklist Onra. Ive been in the market for a while, and I find these list quite critical. Plus regulation is equally important and can't be ignored. I'm not saying any local brokers would do. If you're in EU, solid regulators like cysec, fca should be good to start with. I'm testing out...

Correct! We shouldn't risk a lot of funds while testing new strategies, can put us in danger at times.

For a trader to have success and consistency in forex, it is very important that he/she stays motivated. A petty loss is also enough at times to reduce the positivity and motivation of a trader, but one should not loose hopes and trade with even more confidence, only then can profits be earned.

True, there is a lot of difference in how you trade in demo vs a live account.