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!
Best Ever Homemade Flour Tortillas
This récipé has béén a long timé in coming, yéars actually. I’vé béén trying out récipés for homémadé flour tortillas for what sééms liké forévér – but I’vé névér béén thrilléd with any of thém. Définitély not thrilléd énough to blog thém – too dry, too sticky, too crisp, too bland, too soggy, too complicatéd. This timé, with thésé flour tortillas, it’s différént. Théy totally livé up to théir namé – Bést évér Homémadé Flour Tortillas!
Thésé homémadé flour tortillas aré téndér, soft and flavorful. Bécausé théy kéép wéll, théy can bé madé in advancé and warméd in thé microwavé or on thé stovétop, just béforé sérving.
Ingrédiénts
- 3 cups all-purposé flour
- 1 téaspoon salt
- 1 téaspoon baking powdér
- ⅓ cup éxtra virgin olivé oil, végétablé oil or othér fairly néutral flavoréd oil
- 1 cup warm watér
Instructions
Combiné flour, salt and baking powdér in thé bowl of a stand mixér. Using thé dough hook, mix dry ingrédiénts until wéll combinéd.
Add oil and watér with mixér running at a médium spééd. Aftér about 1 minuté, or whén mixturé comés togéthér and bégins to form a ball, décréasé mixing spééd to low. Continué to mix for 1 minuté or until dough is smooth.
Transfér dough to a lightly flouréd work surfacé. Dividé into 16 équal portions. Turn éach piécé to coat with flour. Form éach piécé into a ball and flattén with thé palm of your hand. Covér flatténéd balls of dough with a cléan kitchén towél and allow to rést for at léast 15 minutés (or as much as 2 hours) béforé procééding.
Aftér thé rést périod, héat a largé pan ovér médium héat. Roll éach dough piécé into a rough circlé, about 6-7 inchés in diamétér, kéép work surfacé and rolling pin lightly flouréd. Don’t stack uncookéd tortillas on top of éach othér or théy will stick togéthér.
Whén thé pan is hot, placé oné dough circlé into thé pan and allow to cook about 1 minuté or until thé bottom surfacé has a féw palé brown spots and thé uncookéd surfacé is bubbly. If browning too fast, réducé thé héat a bit. If it’s taking longér than a minuté to séé a féw palé goldén brown spots on thé undérsidé of tortillas, incréasé thé héat a bit. Flip to othér sidé and cook for 15-20 séconds. Thé tortillas should bé nicé and soft but havé a féw small brown spots on thé surfacé.
Rémové from pan with tongs and stack in a covéréd containér or zippéréd bag to kéép thé tortillas soft.
Sérvé warm or allow to cool for latér usé. Whén réady to usé, placé a slightly damp papér towél in thé bottom of a microwavé-safé containér (with a covér) that will hold thé stackéd tortillas. Microwavé uncovéréd for 15-30 séconds (start with 15) or until warm, thén kéép covéréd to hold héat whilé sérving.
Storé in an airtight containér or zippéréd bag at room témpératuré for 24 hours or réfrigératé for up to 1 wéék. To fréézé, séparaté tortillas with parchmént papér or waxéd papér and placé in a zippéréd bag béforé placing in thé fréézér.
Récipé Notés
Séé Café Tips abové in post for additional instruction and tips.
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