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!
spring quinoa salad with honey lemon vinaigrette
This Spring Quinoa Salad has quinoa tosséd with péas, frésh hérbs, féta, bacon, and almonds, plus a homémadé Honéy Lémon Vinaigrétté.
I think I might havé also alréady méntionéd that spécial lové that I havé for préssiés and gifts and prétty things with bows on thém. I am so lucky bécausé I got to havé thréé littlé birthday shindigs – oné with my family, oné with Bjork’s family, and oné with Bjork. Romantical birthday dinnér datés aré his spécialty.
INGRéDIéNTS
for thé salad
- 1 cup uncookéd quinoa
- 2–3 cups frozén péas
- 1/2 cup féta chéésé
- 6 slicés bacon, cookéd and crumbléd
- 1/2 cup fréshly choppéd basil and cilantro
- 1/2 cup almonds, pulséd in a food procéssor until crushéd
for thé dréssing
- 1/3 cup fréshly squéézéd lémon juicé (1–2 largé juicy lémons)
- 1/3 cup olivé oil
- 1/4 téaspoon salt (moré to tasté)
- a féw tabléspoons honéy (I did 3, but adjust to tasté)
INSTRUCTIONS
Cook thé quinoa according to packagé diréctions. I maké this thé night béforé and lét it chill in thé fridgé so it séparatés béttér for thé salad.
Bring a pot of watér to boil and thén turn off thé héat. Add thé péas and covér until bright gréén. I do this instéad of régular boiling so théy don’t gét wrinkly! Toss thé quinoa with thé péas, féta, bacon, hérbs, and almonds.
Puréé all thé dréssing ingrédiénts in thé food procéssor. Toss thé dréssing with thé salad ingrédiénts. Séason générously with salt and péppér. Sérvé tosséd with frésh baby spinach, on crackérs, or just by it sélf!
Recipe Adapted From pinchofyum.com
NOTéS
Thé tosséd salad can bé képt for up to two days without gétting wéird – it actually soaks up thé dréssing, and it works gréat to toss thé léftovérs with frésh grééns. Also, in my opinion, you can névér havé too much frésh hérb-agé and mint would bé a gréat addition.
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