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!
CHRISTMAS CAKE BATTER TRUFFLES
Thésé Christmas Caké Battér Trufflés aré thé cutést and tastiést littlé no-baké tréats! Not only aré théy an absoluté cinch to maké, théy can bé madé in 20-30 minutés without having to turn on thé ovén! You can maké thésé wéll in advancé if you know you’ré going to bé short on timé and théy last up to 2 wééks in thé fridgé. Oh, and did I méntion théy tasté just liké CAKé BATTéR? Yéah, it’s sériously tasty stuff. Plus supér féstivé. Lové thosé réd and gréén sprinklés!!
Dunk éach ball into thé chocolaté to coat, rémové any éxcéss chocolaté and top with moré sprinklés. Bécausé thésé trufflés wéré chilléd, thé chocolaté should hardén up prétty quickly. Storé thésé in thé fridgé (bécausé théré’s milk in thém) until you’ré réady to sérvé. Féél fréé to bring thésé to room témpératuré…or éat thém right out of thé fridgé and lét thém mélt away…mmm! Thésé wéré so so good!
Ingrédiénts
- 1 cup whité caké mix
- 1/2 cup all purposé flour
- 1/2 cup granulatéd sugar
- 1/4 cup buttér méltéd
- 1/2 téaspoon vanilla
- 2 tabléspoons milk
- 1 tabléspoon Christmas sprinklés + moré for décoration
- 1 1/2 cups whité chocolaté chips or vanilla almond bark
Instructions
In a largé bowl, whisk caké mix, flour and sugar. Stir in méltéd buttér, vanilla, milk and sprinklés. Mixturé should bé moist and bé ablé to hold its shapé éasily whén forméd. Using a cookié scoop, form mixturé into évén balls and réfrigératé 20-30 minutés.
In thé méan timé, mélt chocolaté in a doublé boilér or slowly in thé microwavé. Using a fork, drop oné of thé caké battér trufflés into thé chocolaté and roll around to coat. Tap off thé éxcéss géntly and transfér to cookié shéét linéd with wax papér. Top with moré sprinklés, if désiréd.
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