One thing about the FOREX market you should know is that there is an enormous amount of information out there to decode when talking about the foreign exchange market. When you are looking for in the currency market, there are many economic indices of price changes, tracking information, swaps and pips - that there is a lot of data for you to really play. While one might think that the first thing you do is get some kind of number crunching software itself, or perhaps a trading system, you may be right, but at the end of the day, you need to be able to get call outs you need to do.

1. Never trade in "hot tips" friend of a friend who knows a trader.
This has been the downfall of many inexperienced traders who think they have a spoon while they are being suckered into the advertising market. Be careful that you hear and only trade "hot stocks" that you are.