FX is notoriously hard. Not impossible but hard. I think someone said it here before, you need to treat trading as business. So, make a business plan and manage your risk. You don't "play" with $100, you risk $100 per trade. You're in the risk management business when trading, otherwise it's gambling. Change your mind frame to that. Then deleverage. Risk 1% of your account equity on a trade. That way you cannot get broke and you won't have wild swings. Your opportunity cost of having a trading account is the risk free interest rate (T-Bills etc) you could earn elsewhere doing nothing.
Before you trade, form a view on your FX pair of choice. Why do you think it should appreciate/depreciate. That's the hard part. Fundamental macroeconomic models typically fail here or are so vague that you cannot really trade off them. They may hold in the long term but you cannot stay with a position for months. Unlike banks and funds, you have no credit lines and get marked to market on a daily basis (futures) or worse, your broker may add some carry/overnight charge of some description, so holding a small position longer term might be prohibitively expensive or not possible. These are your constraints as retail trader.
You could look at previous highs/lows, price behaviour around round figures and say 200 day SMA's. Or emerging market vs safe haven currencies vs. risk on/off. Commodity currencies vs oil. Just some ideas.
