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* **Set Stop-Loss Orders**: This is *crucial*! A stop-loss order automatically closes your trade if the price moves against you. This limits your potential losses. Place them just beyond your entry price. This gives your trade room to breathe but still protects you. The risk is that the market can reverse and stop you out. You can also widen your stop loss a bit to mitigate this risk. However, you need to calculate the maximum you are willing to lose and adjust your stop loss accordingly. Remember, don't risk more than you can afford to lose. Also, avoid trading around the news if you are not experienced, as the rapid price movements can trigger stop losses very easily. If you are not familiar with economic indicators, the news, or market analysis, it's probably better to stay out. You can also try paper trading (or demo account) until you feel comfortable.
