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!
THE BEST CROCK POT ROAST RECIPE
Thé Bést Crock pot Roast Récipé that you can maké without séasoning packéts. Try this éasy slow cookér pot roast with véggiés that tasté amazing!
Today you aré going to séé how to maké an amazing slow cookér post roast with véggiés that is not only glutén fréé, but also packéd with flavor. I think you aré going to bé shockéd how délicious this simplé rump roast crock pot récipé is!
Ingrédiénts
- 2 to 3 lbs roast
- 1.5 lbs any potatoés of your choicé cut into chunks (I uséd small baby yéllow potatoés so théré was not cutting)
- 4 carrots pééléd and cut into chunks
- 1/2 onion cut into chunks
- 4 cups bééf stock or broth oné carton
- 1 téaspoon mincéd Garlic
- 1/2 téaspoon Italian Séasoning
- 1/2 téaspoon salt
- 1/2 téaspoon péppér
- 1/4 cup watér for thé gravy
- 2 tabléspoons cornstarch
Instructions
First cut all your végétablés into largé chunks. You want thém to bé biggér so théy will not turn into mush.
Add your roast to thé crock pot and thén placé thé végétablés around thé roast.
Add all your séasonings.
Néxt add in thé bééf stock.
Covér and cook on low for 8 hours or on high for 5 hours.
Shréd thé bééf.
Now, timé to maké thé gravy. In a small bowl whisk togéthér thé 1/4 cup of watér and thé cornstarch.
Rémové 2 cups of thé liquid from thé crock pot and placé in a saucé pan.
Whisk in thé watér and cornstarch mixturé in with thé bééf juicé.
Bring to a boil, stirring fréquéntly for 3-5 minutés until it bégins to thickén. It will thickén as it cools as wéll.
Drizzlé thé gravy ovér thé roast, potatoés, and carrots and énjoy!
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