The Forex trading market is an around-the-clock cash market where the currencies of nations are bought and sold, typically via brokers. Forex prices can change at any moment in response to real-time events, such as political unrest or the rate of inflation. The purpose of this article is to present Forex trading strategies from some of the world's trading greats.

Emotional Discipline: According to Victor Sperandeo, The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading... I know this will sound like a cliche, but the single most important reason that people lose money in the financial markets is that they don't cut their losses short.

Define Your Risk: According to Tony Saliba, I always define my risk, and I don't have to worry about it.

Deal With Randomness: According to Larry Sanders, As humans we do not come equipped to deal with the variety of randomness that is around us every day. Many professions deal with making processes and things work reliably. We are taught to strive for perfection, for high scores in school and in sports. This can be a handicap to traders. There is no perfection in trading. Instead traders must put probability in their favor.

Learn to Take Losses: According to Marty Schwartz, The most important thing in making money is not letting your losses get out of hand.

Stay Objective: According to Randy McKay, I'll keep reducing my trading size as long as I'm losing... My money management techniques are extremely conservative. I never risk anything approaching the total amount of money in my account, let alone my total funds.

Transaction Costs: According to Van K. Tharp, I seldom see a system that over a number of years produces profits that are much bigger than the transaction costs it generates - that is, if a system generates a million dollars in net profits, then it probably generates more than a million dollars in transaction costs.

Correct Market Attitudes: According to Bob Koppel, True Trading Mastery derives from understanding the relatively small role technical analytical factors play in the overall trading process and the inestimatably important role that correct market attitudes and beliefs exert in facilitating a consistently profitable result.

Self-Master: According to J. P. Morgan, To be a money master, you must first be a self-master.

Risk Control: According to Ed Seykota, The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.

Hope, Fear and Greed: According to Jesse Livermore, The spectator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you, you hope that every day will be the last day and you lose more than you should had you not listened to hope. And when the market goes your way you become fearful that the next day will take away your profit, and you get out too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.

Trading Forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.