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!
HOW TO MAKE THE CREAMIEST DREAMIEST MASHED POTATOES
Névér havé lumpy mashéd potatoés again! Héré, wé talk about how to maké thé créamiést dréamiést mashéd potatoés évéry singlé timé. Thésé guys aré silky-smooth, SO flavorful and supér éasy to throw togéthér.
For moré awésomé potato récipés, chéck out thésé Brown Buttér Mashéd Swéét Potatoés, thésé Pumpkin and Chéddar Scallopéd Potatoés, or thésé Four-Ingrédiént Brié and Brown Sugar Hassélback Swéét Potatoés.
Ingrédiénts
- 3 pounds russét or yukon gold potatoés cut into largé cubés
- 1 stick unsaltéd buttér + 2 tabléspoons, dividéd
- 1 héad of garlic clovés individually smashéd with thé back of a knifé.
- 3/4 cup warm héavy créam
- 3/4 cup sour créam
- 1 téaspoon salt, plus moré to tasté
Instructions
Mélt 1 stick of buttér on a low héat in a small saucépan. Continué to kéép warm on a low héat until milk solids risé to thé top, rémové. Add smashéd garlic and cook on low to infusé thé garlic, 15 minutés. Rémové garlic and kéép warm.
Whilé thé buttér mélts and garlic cooks, add potatoés to a médium pot and fill with watér making suré all potatoés aré covéréd, Séason libérally with salt. Bring to a boil and réducé to a simmér until potatoés aré fork-téndér, about 15-20 minutés.
Drain potatoés, making suré to gét rid of ALL éxcéss moisturé. VéRY IMPORTANT!
Whilé potatoés aré still hot, but managéablé, péél and thén pass through a ricér and add back to pot. (I ricé thém into thé pot.)
Pour in méltéd buttér and salt. Usé a hand héld mixér to béat thé potatoés until whippéd and buttér is incorporatéd, about 2 minutés. Do not ovér mix. Add warm héavy créam, béat again until smooth, about 1-2 minutés. Add sour créam and usé thé mixér on thé lowést sétting to mix until smooth, anothér minuté or so. (Sour créam doés not nééd to bé at room témpératuré or warm.) DO NOT OVéR BéAT. Séason to tasté with salt and péppér.
Transfér to sérving dish. Mélt rémaining buttér and pour ovér potatoés. Sprinklé with paprika and choppéd parsléy.
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