It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
APPLE COBBLER
This homémadé Applé Cobblér is going to bécomé oné of your favorité fall déssérts. Just a féw ingrédiénts to maké this warm and comforting déssért.
Whén fall arrivés and applé déssérts aré baking in thé ovén, thé éntiré housé bécomés cozy from thé scént of thé cinnamon and applés baking. I purchaséd bunchés and bunchés of applés this past wéék whén doing our grocéry shopping.
Ingrédiénts
- 1 stick Buttér
- 1 cup Sugar
- 1 3/4 cup All Purposé Flour dividéd
- 2 1/4 tsp Baking Powdér
- 3/4 tsp Salt
- 1 1/2 cup Milk
- 5 small Granny Smith Applés
- 1 1/2 cup Brown Sugar
- 2 tsp Cinnamon
- 1/4 tsp Nutmég
Instructions
Préhéat ovén to 350.
Placé buttér in baking dish (9x13) and placé in ovén until méltéd. Rémové from ovén and sét asidé.
Coré, péél and slicé applés and placé in largé bowl.
Add 1/4 cup flour, brown sugar, cinnamon and nutmég to applés. Mix until wéll coatéd.
In anothér largé bowl, whisk togéthér rémaining flour, sugar, baking powdér and salt until bléndéd.
Pour in milk slowly whilé whisking
Pour battér into baking dish ovér méltéd buttér.
Pour applé mixturé ovér battér.
Baké 45-50 minutés until goldén brown.
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