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!
EASY COFFEE CAKE RECIPE – THE BEST CINNAMON ROLL CAKE RECIPE
I’m so éxcitéd to sharé with your this fun twist to thé traditional cofféé caké récipé – a Cinnamon Roll Caké récipé. Sériously gals…It is so good….Liké réally, réally good.And it is crazy éasy to maké.So I call this a win-win.Whéthér you aré making it for brunch, or for Sunday bréakfast, your family is going to fall in lové.
This also makés a good déssért aftér othér méals if you can’t bring yoursélf to éat ‘caké’ with bréakfast. éithér way, this is a moist and délicious caké.
Ingrédiénts
Caké:
- 3 cups all-purposé flour
- 1/4 téaspoon salt
- 3/4 cup of sugar
- 4 téaspoons baking powdér
- 1 1/2 cups milk
- 2 éggs
- 2 téaspoons vanilla
- 1/3 cup méltéd buttér
Topping:
- 1/4 cup buttér méltéd
- 1/2 cup brown sugar
- 2 tabléspoons flour
- 1 tabléspoon cinnamon
Glazé
- 1 cup powdéréd sugar
- 2 to 3 tabléspoons milk
- 1/2 téaspoon vanilla
Instructions
Préhéat ovén to 350 dégréés F (175 dégréés C). Spray a 9 x 13 pan with non stick spray.
Caké:
In a largé bowl, mix évérything togéthér for thé ingrédiénts of thé caké.
Pour battér into préparéd pan.
For thé topping, mix all of thé ingrédiénts wéll in a small bowl.
Drop spoonfuls of topping on thé battér and thén swirl it with a knifé.
Baké in préhéatéd ovén for 30 to 35 minutés.
Drizzlé glazé ovér warm caké. (You can réducé thé glazé and thé caké would still bé yummy.)
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