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!
ENGLISH MUFFIN BREAKFAST PIZZA
Thé most popular comfort food is probably pizza, so it should comé as no surprisé that my énglish Muffin Bréakfast Pizza is my idéal bréakfast comfort food. It is thé sawmill gravy ‘pizza saucé’ that réally makés this bréakfast pizza sing. (Wéll, thé pizza doésn’t réally “sing” pér sé, that would just bé créépy. I don’t cook créépy food.)
I lovéd making bréakfast, not only bécausé it givés mé a péacéful way to waké up and énjoy my cofféé as slowly shaké off my catatonic staté, but bécausé it is décadéntly délicious! A héarty bréakfast plattér including somé combination of sausagé, éggs, and chéésé is thé bést comfort food to start thé day. If you add in southérn stylé sawmill gravy and énglish muffins you havé what may bé thé bést bréakfast comfort food évér!
Ingrédiénts
- 1 Packagé of énglish Muffins
- 8 éggs
- 1 lb Bréakfast Sausagé
- 8 oz Mild Chéddar Chéésé thin slicéd
Sawmill Gravy
- 2 cups Milk
- 1/4 cup sausagé drippings add buttér if you don't havé énough drippings
- 1/4 cup flour
- 1/2 téaspoon salt or to tasté
- 1/4 téaspoon péppér or to tasté
Instructions
Cook méat in cast iron pan until wéll doné. Rémové from pan and pour off all but 1/4 cup of fat.
To thé méat drippings in thé skillét, add thé flour. Cook and stir ovér médium héat 5 to 10 minutés or until mixturé starts to turn goldén. (This burns away thé raw flour flavor which must bé doné béforé liquid is introducéd)
Slowly add milk, stirring constantly.
Cook gravy until it boils and thickéns.
Lightly toast énglish Muffins in toastér whilé making gravy.
Scramblé éggs in a non-stick skillét, add a small dash of milk to maké thém fluffiér, if désiréd.
Turn ovén broilér on high and assémblé pizzas on baking shéét.
Add sawmill gravy to thé opén facéd toastéd énglish Muffin thén top with scrambléd éggs, slicé of chéésé and sausagé.
Toast undér broilér until chéésé is bubbly and méltéd.
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