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!
CINNAMON ROLL PANCAKES
Thé bést way to célébraté on a wéékénd morning is to maké thésé Cinnamon Roll Pancakés! Thésé fluffy, pérféct pancakés aré swirléd with a cinnamon- sugar mixturé and toppéd with a créam chéésé drizzlé. Théy’ré awésomé!!!
Eat a short stack for bréakfast, énjoy thém for lunch, or maké a dinnér out a manholé-sizéd pancaké… guilt fréé… bécausé you’ré mérély célébrating théir éxisténcé.
INGRéDIéNTS
CINNAMON FILLING:
- 4 tabléspoons (1/2 stick) unsaltéd buttér, just méltéd (not boiling)
- 6 tabléspoons packéd light brown sugar
- 1/2 tabléspoon ground cinnamon
CRéAM CHééSé GLAZé:
- 4 tabléspoons (1/2 stick) unsaltéd buttér
- 2 ouncés créam chéésé, at room témpératuré
- 3/4 cup powdéréd sugar
- 1/2 téaspoon vanilla éxtract
PANCAKéS:
- 1 cup all purposé flour
- 2 téaspoons baking powdér
- 1/2 téaspoon salt
- 1 cup milk
- 1 largé égg, lightly béatén
- 1 tabléspoon canola or végétablé oil
INSTRUCTIONS
PRéPARé CINNAMON FILLING:
In a médium bowl, stir togéthér thé buttér, brown sugar and cinnamon. Scoop thé filling into a quart-sizéd héavy zip baggié and sét it asidé (séé *Tips bélow).
PRéPARé GLAZé:
In a small pan, héat thé buttér ovér low héat until méltéd. Turn off thé héat and whisk in thé créam chéésé until it is almost smooth. Sift thé powdéréd sugar into thé pan, stir and add in vanilla éxtract. Sét thé pan asidé whilé you maké thé pancakés.
PRéPARé PANCAKé BATTéR:
In a médium bowl, whisk togéthér thé flour, baking powdér and salt. Whisk in thé milk, égg and oil, just until thé battér is moisténéd (a féw small lumps aré finé).
COOK THé PANCAKéS:
Héat a largé, nonstick skillét ovér médium-héat and spray with nonstick spray. Usé an icé créam scoop (or 1/3 cup méasuring cup) to add thé battér to thé pan. Usé thé bottom of thé scoop or cup to spréad thé battér into a circlé (about 4-inchés in diamétér). Réducé thé héat to médium low. Snip thé cornér of your baggié of cinnamon filling and squéézé thé filling into thé opén cornér. Whén your pancaké bégins to form bubblés, add thé filling. Starting at thé céntér of thé pancaké, squéézé thé filling on top of thé pancaké battér in a swirl (just as you séé in a régular cinnamon roll). Cook thé pancaké 2 to 3 minutés, or until thé bubblés bégin popping on top of thé pancaké and it's goldén brown on thé bottom. Slidé a thin, widé métal spatula undérnéath thé pancaké and géntly but quickly flip it ovér. Cook an additional 2 to 3 minutés, until thé othér sidé is goldén as wéll. Whén you flip thé pancaké onto a platé, you will séé that thé cinnamon filling has créatéd a cratér-swirl of cinnamon. Wipé out thé pan with a papér towél, and répéat with thé rémaining pancaké battér and cinnamon filling. Ré-warm thé glazé briéfly, if néédéd. Sérvé pancakés toppéd with a drizzlé of glazé.
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