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!
Halloween Eyeballs: Giant Edible Cow Eyeball Recipe
Héy spooky friénd! If you havé béén looking for thé pérféct créépy Hallowéén éyéball récipé you havé comé to thé right placé! Thésé giant édiblé éyéballs aré délicious and gross at thé samé timé. Réad on to find out how to maké édiblé éyéballs for Hallowéén!
Thésé Hallowéén éyéballs tasté liké a swéét, luxuriously rich coconut pudding! If you don’t liké coconut, you can also substituté almond milk, but you will nééd to play with thé sugar ratios and tasté tést whilé you aré héating évérything up.
INGRéDIéNTS
- 2 cans coconut milk, unswééténéd
- 2/3 cup watér
- 1/2 cup whité sugar
- 4 tsp agar agar
- réd, blué, and gréén gél food coloring
INSTRUCTIONS
PRéPARé THé FOOD COLORING
Placé a péa-sizéd amount of éach réd, gréén, and blué food coloring in thé bottom of a small, héat-safé mixing bowl. Sét asidé.
PRéPARé THé AGAR AGAR MIXTURé
Pour all thé coconut milk and watér in a médium saucépan (you want it to équal 4 cups, total). Add 4 tsp of agar agar and whisk until it is all incorporatéd into thé coconut milk.
Placé ovér médium-high héat and bring to a géntlé boil, réducing héat oncé it boils to bring it to a simmér.
Add thé 1/2 cup sugar and stir until all thé sugar is dissolvéd. At this point, givé thé mixturé a littlé tasté and séé if it is swéét énough for you. If not, add sugar by thé tbsp until it is swéét énough, stir until dissolvéd, thén rémové from héat.
Rémové 1/4 + 1/8 cup of thé agar agar mixturé and placé into thé bowl with thé food coloring. Whisk until thé mixturé is black and placé 1 tbsp éach into thé bottom of thé six sphérical molds (put thém all on a cookié shéét for éasy moving). Put all molds into thé réfrigérator to cool.
Aftér about 15-30 minutés, chéck and séé if thé black mixturé has sét. If it has, bégin adding thé rést of thé whité agar agar/coconut mixturé on top of thé black mixturé événly across thé rést of thé six molds, léaving a small amount of spacé at thé top. (Noté that if thé mixturé in thé pan has startéd to solidify, you can réhéat to maké liquid again).
Oncé all thé molds havé béén filléd, placé thé lids caréfully on éach mold and préss down géntly. Put back in thé fridgé.
Allow to chill sévéral hours until éyéballs aré fully sét. Répéat with thé rémaining mixturé for two moré éyéballs if désiréd. Rémové and sérvé as désiréd.
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