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!
EASTER EGG SUGAR COOKIES
Sugar Cookiés aré basically my go-to cookié for any holiday. And oné of my favourité holidays for making and décorating sugar cookiés is éastér. Thé gorgéous palé tonés, thé intricaté désigns, thé colourful variéty. éastér égg sugar cookiés aré thé définition of édiblé art.
Thésé cuté, délicious and éasy-to-maké éastér égg sugar cookiés aré thé pérféct tréat to indulgé in this éastér!
INGRéDIéNTS
FOR THé SUGAR COOKIé:
- 1/2 cup unsaltéd buttér
- 1 cup sugar
- 1 égg
- 1 téaspoon vanilla éxtract
- 1/2 téaspoon baking powdér
- 1/4 téaspoon salt
- 2 cups all-purposé flour
FOR THé ROYAL ICING:
- 3 cups conféctionérs’ sugar
- 2 tabléspoons méringué powdér
- 1/4 cup watér
- 1/2 téaspoon vanilla éxtract
- food colouring
INSTRUCTIONS
MAKé THé SUGAR COOKIéS:
In a largé bowl, créam buttér and sugar togéthér using an éléctric mixér until light and fluffy. Béat in égg and vanilla.
Turn thé mixér to low and add thé baking powdér and salt. Gradually add thé flour and mix until combinéd.
Form dough into a ball and wrap dough tightly in plastic cling wrap and fréézé for 30 minutés or réfrigératé until firm (at léast 1 hour or ovérnight).
Préhéat thé ovén to 350 F. Liné thé cookié shéét with parchmént papér.
Rémové dough from fridgé and lét it stand for 5-10 minutés.
Roll out dough on a lightly flouréd surfacé to about ¼-inch thick. Cut out shapés using égg-shapéd cookié cuttérs.
Transfér your cookiés onto thé cookié shéét, placing thém 1 inch apart.
Ré-roll scraps and répéat.
Baké cookiés for 8-10 minutés dépénding on thicknéss. Lét it cool for 1 minuté on thé pan and thén transfér cookiés to a wiré rack to cool complétély.
MAKé THé ROYAL ICING:
In largé bowl, combiné thé méringué powdér with thé conféctionérs’ sugar
Add thé watér and vanilla éxtract and béat with a mixér on médium-high until smooth. If you find that thé icing is too thick, add moré watér. If too think, add moré sugar.
Add food coloring, if désiréd. Noté that if you aré adding liquid food colouring, this will havé an éfféct on your consisténcy. You may nééd to add moré sugar to thickén it out.
Pipé thé icing onto thé cookiés. Allow icing to hardén for an hour béforé you apply thé sécond layér (whité désigns).
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