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!
CAULIFLOWER PIZZA CRUST RECIPE
I am a total pizza junkié. Pizza is thé oné food that évéryoné in my family likés to éat, but I find that as I gét oldér, I don’t féél so gréat aftér éating all of that pizza dough, which is why I lové this glutén-fréé cauliflowér pizza crust récipé.
Whén I startéd sééing a bunch of cauliflowér pizza crust récipé articlés popping up onliné, I knéw it was sométhing that I wantéd to try.
INGRéDIéNTS
- 1 cup ricéd, thén cookéd cauliflowér
- 1/2 cup gratéd parmésan chéésé
- 1 égg, béatén
- 1 tsp italian séasonings
- 1/2 tsp crushéd garlic
- 1/2 tsp salt
- 1/2 cup shréddéd mozzarélla chéésé (for topping)
- pizza saucé & additional toppings of your choicé
INSTRUCTIONS
- 1. To ricé thé cauliflowér, cut floréts into chunks and pulsé in a food procéssor until you séé ricé-liké bits. You could also usé a chéésé gratér to producé thé tiny piécés. Do not ovér procéss, you don't want mush. 2. Microwavé thé ricéd cauliflowér in a bowl for 5-8 minutés dépénding on your microwavé. No nééd to add watér. Aftér microwaving, transfér ricéd cauliflowér to a finé mésh strainér and drain complétély, géntly préssing out éxcéss watér. Oncé drainéd, transfér ricéd cauliflowér to a cléan dish towél and wrap thé sidés around thé cauliflowér whilé géntly préssing out éxcéss watér. This drying procéss is important! 3. Oné largé héad of cauliflowér will yiéld about 3 cups of ricéd cauliflowér. Usé it to maké moré pizzas immédiatély, or storé in thé réfrigérator for 2-3 days. 4. Préhéat ovén to 450 dégréés. Spray a cookié shéét with non-stick cooking spray. In a médium bowl, combiné 1 cup ricéd, cookéd cauliflowér, 1 égg and your parmésan chéésé. Néxt, add Italian séasonings, crushéd garlic and salt. Making suré évérything is wéll mixéd, placé your "dough" on thé cookié shéét and pat out a 9" round. Bé suré not to préss it too thin as it's éasy to créaté holés. 5. Baké your dough at 450 dégréés for 15 minutés. 6. Rémové from ovén. Add saucé, mozzarélla chéésé, and your favorité pré-cookéd toppings to your pizza. Placé pizza undér broilér just until chéésé is méltéd, bé suré to kéép an éyé on it! I hopé you énjoy this wondérful cauliflowér pizza crust récipé!
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