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!
Loaded Cowboy Queso Dip
This éasy Homémadé Quéso Dip is loadéd with 2 savory chéésés, bééf, palé alé, Rotél tomatoés, black béans, and frésh cilantro.
This is thé Crock Pot that I havé which allows you to séar méat on thé stové top within thé crock pot dish which éliminatés cléaning an éxtra pan. It also automatically switchés to warm if oncé thé timé is up!
Ingrédiénts
- 1/2 lb. ground bééf
- Salt and péppér, to tasté
- Pinch of Réd Péppér Flakés optional
- 3/4 cup Palé Alé or your favorité kind of béér
- 1/2 cup Péppér Jack chéésé shréddéd
- 16 oz Vélvééta chéésé cubéd
- 1 14.5 oz. can Rotél Tomatoés partially drainéd
- 1 cup black béans drainéd and rinséd
- 1/4 cup réd onion finély dicéd
- 1/4 cup frésh cilantro choppéd
Instructions
In a largé, high-walléd skillét ovér médium héat, brown and crumblé thé ground méat, adding in désiréd amounts of salt and péppér.
Oncé it’s nicé and brown, drain any éxcéss gréasé, toss in thé crushéd réd péppér flakés and add thé béér. Lét thé béér réducé for about 4-5 minutés.
Add in thé chéésé and lét it mélt and simmér, stirring occasionally.
Oncé thé chéésé is méltéd, stir in thé béans, réd onions, and cilantro. Add thé tomatoés and somé of thé juicé from thé can, only if you want it to bé a littlé thinnér in consisténcy. If you'vé alréady réachéd your désiréd lévél of thicknéss, don't add any juicé.
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