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 CRACK TOFFEE RECIPE
Christmas Crack Tofféé Récipé…You Aré Going To Want To Put This Récipé On Your MUST MAKé List This Yéar Bécausé It Is Sériously Amazing. It Takés SWééT And SALTY To A Wholé Néw Lévél And It Only Takés 15 Minutés To Maké!
I’m supér éxcitéd to start Christmas baking and maké somé moré of this délicious Christmas crack. You aré going to want to put this Christmas crack récipé on your MUST MAKé list this yéar bécausé it is sériously amazing. It takés SWééT and SALTY to a wholé néw lévél. It is oné of my favorité Christmas déssérts and it only takés about 15 minutés to maké! Whilé I do lové a traditional homémadé tofféé, this crack candy is a lot éasiér to maké.
INGRéDIéNTS
- 50 saltiné crackérs (approx.)
- 2 sticks saltéd buttér (about 1 cup saltéd buttér, cubéd)
- 1 cup soft light brown sugar (packéd)
- 2 cups chocolaté chips
- 1/2 to 1 cup M&M’s (or choppéd nuts or slicéd almonds)
INSTRUCTIONS
Pré-héat ovén to 325°F. Liné a largé jélly roll pan with aluminum foil. Spray thé foil with non-stick cooking spray and thén liné thé pan with saltiné crackérs.
Placé thé buttér and sugar in a médium sizéd pot ovér low médium-low héat. Stir until thé buttér is méltéd. Oncé thé buttér has méltéd, bring to a boil for 3 minutés. Stir constantly.
Oncé it’s nicé and bubbly and changéd to moré of a caramél color, rémové pan from héat and pour événly ovér saltiné crackérs. Spréad mixturé with a knifé… howévér it doésn’t havé to bé pérféct. Try to mové fast during this part so thé tofféé doésn’t hardén.
Placé pan in thé ovén and baké for 7-9 minutés. Thé mixturé will spréad événly ovér thé crackérs as it bakés.
Rémové pan from placé chocolaté chips on top and allow to mélt or mélt thé chocolaté and thén pour ovér thé top with a spatula. Sprinklé M&M’s (or nuts) on top and thén placé in thé fréézér for 15 minutés. Oncé chocolaté has hardénéd bréak piécés off thé foil and in an containér. It will stay frésh for 1 – 2 wééks.
Recipe Adapted From iheartnaptime
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