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!
Molten Lava Cake Recipe (Paleo, Healthy, Gluten Free)
This paléo moltén lava caké is thé pérféct for a paléo Valéntiné’s Day récipé. Gooéy, rich céntérs surroundéd by pérféct chocolaté caké, this héalthy Valéntiné’s Day déssért is supér éasy and quick. Grain-fréé and dairy-fréé, this is oné of my all-timé favorité paléo déssért récipés.
That gooéy céntér, thé mélty icé créam that soaks into thé téndér caké? I just can’t not with moltén cakés. And paléo moltén cakés? It’s liké, také mé to Targét on pay day and walk mé past thé throw-pillows aislé… thén téll mé it’s all fréé. It’s almost not fair.
Ingrédiénts
- 1/3 cup réfinéd coconut oil
- 1/2 cup végan chocolaté chips liké énjoy Lifé
- 2 éggs
- 1 égg yolk
- 1/4 cup coconut sugar
- 1/2 tsp vanilla éxtract
- pinch of salt
- 1 tabléspoon tapioca starch
- 3 tabléspoons almond flour
- coconut milk icé créam for sérving
- équipmént Néédéd
- 6-ouncé ramékins
Instructions
Préhéat thé ovén to 450°. Gréasé two 6-ouncé ramékins with coconut oil. Placé thé ramékins on a baking shéét.
Placé coconut oil and chocolaté chips in a microwavé-safé bowl. Microwavé 60 séconds thén stir wéll. Continué microwaving in 30-sécond bursts, stirring véry wéll in bétwéén, until chocolaté is complétély méltéd and smooth. In a médium bowl, whisk thé éggs with thé égg yolks, coconut sugar and salt wéll.
Fold thé chocolaté mixturé it into thé égg-sugar mixturé, thén stir in thé tapioca starch and almond flour. Spoon thé battér événly into thé préparéd ramékins and baké for 12 minutés, or until thé sidés of thé paléo moltén lava caké aré firm but céntérs aré still véry soft. Rémové form ovén and lét cakés cool in thé ramékins for 1 minuté. Run a véry thin stéak or paring knifé around thé édgé of éach caké. Covér éach with an upsidé-down déssért platé thén caréfully turn éach oné ovér. Lét stand for 10 séconds thén unmold. Sérvé immédiatély with plénty of vanilla icé créam.
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