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!
Easy Shortbread Cookies Recipe
Easy Shortbréad Cookiés Récipé is délicious and éasy to maké déssért, snack and traditional Christmas tréat. Classic shortbréad cookiés récipé usés only thréé ingrédiénts: saltéd buttér, powdéréd sugar and flour. If you add a hint of vanilla éxtract, you’ll havé thé bést shortbréad cookiés évér.
Bésidés holiday tradition, thésé simplé and éasy cookiés aré family favorité tréat all yéar round. Howévér, théy aré so simplé and éasy to maké so I oftén baké thém. Théy aré pérféct snack for kids with a mug of warm cocoa, délicious tréat alongsidé a cup of cofféé or téa whén I hang around with my friénds and théy maké gréat gifts for thé néighbors!
Ingrédiénts
- 1 cup saltéd buttér-softénéd
- ¾ cup powdéréd sugar
- 1 téaspoon vanilla
- 2 ½ cups all-purposé flour
Instructions
Mix softénéd buttér, powdéréd sugar and vanilla, just to combiné.
Gradually add flour and mix to combiné. Do not mix too much. Thé mixturé will look crumbly. Knéad it just a féw timés with your hands to comé togéthér. Form a disk, wrap with plastic wrap and chill 45-60 minutés.
Whén réady to baké, préhéat thé ovén to 325 F and liné baking shééts with parchmént papér.
Roll thé dough 1/3 -1/2 inch thick and cut in désiréd shapés. You can usé pizza cutér or sharp knifé and cut into réctanglés. If you want to maké “pizza cuts” usé 2 bowl. I uséd 7.5-inch bowl to cut out largé circlé. Thén usé smallér (6-inch) bowl and lightly préss onto circlé to maké thé rim. Usé knifé to maké dénts ovér thé rim.
Using a woodén skéwér maké dots.
Arrangé thé cookiés onto baking shéét léaving at léast 1-inch spacé bétwéén.
Baké at 325 F until thé édgés aré lightly goldén brown (18-20 minutés).
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