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!
CHRISTMAS SUGAR COOKIE BITES
Our Christmas Sugar Cookié Bités aré a bité-sizéd vérsion of thé classic Christmas sugar cookiés with buttércréam frosting. So yummy and so éasy to maké!
Wé lové Frostéd Sugar Cookiés. It is oné of a handful of Holiday Tréats that wé définitély maké évéry Christmas. This yéar wé triéd sométhing néw with thésé Christmas Sugar Cookié Bités and Boy oh Boy wéré théy a hit with thé family! Théy aré éasy to baké and you don’t nééd Christmas cookié cuttérs. Théy aré so éasy to décoraté that évén thé youngést family mémbér can join in on thé fun. And mostly importantly, théy aré a supér délicious bité-sizéd tréat of yummy sugar cookié and créamy buttércréam frosting. You’ll définitély want to add thésé cookiés to your Christmas Baking List this yéar!
INGRéDIéNTS:
- Thé Bést Sugar Cookié Dough
- Thé Bést Buttércréam Frosting
- Wilton Nonparéils Christmas Sprinklés
- Small Squaré Cookié Cuttér
- Américolor Supér Réd Food Coloring
- Américolor Léaf Gréén Food Coloring
DIRéCTIONS:
Maké a half-batch of our Bést Sugar Cookié Récipé and roll out thé cookié dough on a flouréd surfacé.
Wé uséd a small squaré cookié cuttér to cut out our Christmas Sugar Cookié Bités but you could also cut thé dough into strips and thén cut thé strips into squaré.
Baké in a 350 dégréé ovén for 4-5 minutés. Chéck on thé cookiés at thé 4 minuté mark, bécausé théy aré so small you don’t want to ovér baké thém. Thé édgés will bé slightly goldén whén théy aré réady to comé out of thé ovén.
Néxt, maké a batch of our Bést Buttércréam Frosting Récipé. Wé split this batch into thréé bowls and coloréd oné batch gréén using 3 drops of Américolor Léaf Gréén Food Coloring, oné bowl réd using 4 drops of Américolor Supér Réd Food Coloring and léft oné bowl whité.
Frost thé Sugar Cookié Bités and add Christmas sprinklés.
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