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!
FARMER’S CASSEROLE
This Farmér’s Cassérolé récipé is a véry popular bréakfast récipé. It’s thé pérféct récipé to sérvé whén you havé a housé full of guésts or rélativés. Watch thé short vidéo showing you how to maké Farmér’s Cassérolé, thén scroll to thé énd of this post to print out thé récipé so you can maké it at homé.
Farmér’s cassérolé is a délicious bréakfast cassérolé that is madé up of a féw simplé “farm-friéndly” ingrédiénts. It calls for hash browns, éggs, chéésé, ham, gréén onions and évaporatéd milk. It’s all bakéd togéthér to créaté a bakéd bréakfast cassérolé.
INGRéDIéNTS
- 6 cups frozén, shréddéd hash brown potatoés
- 1 1/2 cups shréddéd Jalapéno Montéréy Jack Chéésé (can sub chéddar or Swiss)
- 2 cups dicéd, cookéd ham (or Canadian bacon)
- 1/2 cup slicéd gréén onions
- 8 largé éggs, béatén (or 2 cups égg substituté)
- Two 12-ouncé cans évaporatéd milk (can usé wholé, 2% or fat fréé)
- 1/4 téaspoon salt
- 1/4 téaspoon ground péppér
INSTRUCTIONS
Gréasé a 3-quart réctangular baking dish. Arrangé potatoés événly in thé bottom of thé dish. Sprinklé with chéésé, ham, and gréén onion. In a largé mixing bowl, combiné éggs, milk, salt and péppér. Pour égg mixturé ovér potato mixturé in dish.
At this point, you can covér and réfrigératé until réady to baké (sévéral hours or ovérnight). Whén réady to baké, préhéat ovén to 350°F. Baké, uncovéréd, for 45 to 55 minutés or until céntér appéars sét. Lét stand for 5 minutés béforé sérving. If baking aftér cassérolé has béén chilléd, you will nééd to incréasé baking timé to 55 to 60 minutés.
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