If there are just 3 things you must do, please do the following:
Many people want to be in a business but many businesses actually fail. The cost of failing a business is huge since the startup cost is usually significant. In forex trading, you have a taste of running your own business with low startup cost and minimal risk involved. In fact, forex trading is akin to a real business.
To answer this question, you need to know how much you are aiming for in terms of average monthly income and what is your average monthly return from forex trading. Assuming that you are aiming for 3000usd and your average return on a monthly basis is 5%, you will need to have a capital of $60,000 to work with.
For Newbies, you need a realistic target because the truth is trading is very difficult and it may take up to years before you can start to see results. In fact, please do not expect to rely on trading as a form of income for the first 6 months to a year. In addition, you need to put aside risk capital for forex trading because you will almost certainly (90%) lose your first trading account. Ask around your friends and see if it is true.
In the long run, there is no way you can win 100% of the time in forex trading. Yes, you could probably win 5 out of 5 total trades. But if you trade a total of more than 1000 trades so far, it is impossible to achieve 100% success rate.
Have you ever thought of why you are losing money consistently?
If you think about it, how can you lose money consistently when the odds of you losing is only 50%. However, it is true that some traders lose money month after month. In fact, the odds of you losing is higher than 50% since you have to consider the spreads.
Unfortunately, there is no right or wrong answer, this topic is quite subjective. Many times, it is about what the market can give you, not about how many pips you want for a certain trade. But i do have a general guideline for you to follow.