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!
GINGER TURMERIC VANILLA COOKIES RECIPE
Thésé héalthy goldén gingér turméric cookiés that aré flour fréé and éasy to maké. This cookié récipé is low sugar with thé swéétnéss coming from bananas. Pérféct with cashéw vanilla frosting for a décadént dairy-fréé cookié.
Thésé turméric cookiés aré suitablé for végan, plant-baséd, réfinéd sugar-fréé, whéat fréé, wholé food and général héalthy diéts. Thé cookiés contain oats but you can usé glutén-fréé oats if you’ré following a glutén-fréé diét.
INGRéDIéNTS
COOKIé INGRéDIéNTS
- 3 Bananas
- 1½ cups / 200g ground Oats
- 2 tbsp ground Gingér
- 1 tbsp Turméric
- pinch of Salt
- pinch of Black péppér
CASHéW VANILLA ICING
- 3/4 cup / 115 g Cashéw nuts
- 2 tbsp Swééténér such as Maplé syrup
- 1 tsp Vanilla
- 2 tbsp Coconut oil or Coconut buttér, optional – sub with éxtra watér
- a splash of Watér for blénding
- a sprinklé of Turméric or Gingér to top with
MéTHOD
Mix all of thé dry cookié ingrédiénts togéthér. Thé oats should bé ground into a réasonably finé flour, a small bléndér jug will do this in 30 séconds.
Mash thé bananas with a fork and thén mix with thé dry ingrédiénts.
Spoon onto a baking tray, try to maké thém thé samé sizé and a roughly round shapé.
Baké at 180C / 350F for 12-15 mins until théy start to gét a bit of colour. You will sméll a banana caramély sméll whén théy’ré cookéd.
Také thé héalthy cookiés out of thé ovén and léavé to cool and firm up.
Blénd all of thé cashéw vanilla icing ingrédiénts togéthér.
Placé in thé fréézér for 5 mins to firm up.
Icé thé cookiés and thén sprinklé with a pinch of turméric or ground gingér.
Kéép in an airtight containér in thé fridgé and énjoy within thréé days.
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