As a former FX broker and service provider, I offer the following advice.
- Don't read the message boards, most of what they say is absolute nonsense.
- Don't pay attention to social media.
- Don't manually trade, create your own algorithms - make sure they are backtested and forward tested. Create an algo in Python that connects to the API of your broker.
- You saw that I used the word 'algorithms'... that's by design because you need to create multiple algorithms and allocate your capital across different strategies like it is a portfolio.
- If you see a strong, stable copy trading strategy (social trading) available for your use... make it a part of the overall portfolio. Check the Sharpe, Sortino, Treynor Ratios on them. Do your homework on it before you get involved. Understand how these particular strategies work because they can be a lot of smoke and mirrors.
- Leverage is a tool, don't abuse it. Think of it like a line of credit, you should not exhaust it. Factor leverage into your portfolio optimization.
- Portfolio management enables you to minimize risk and maximize return based on allocations and selections.