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!
OLIVE GARDEN CHICKEN GNOCCHI SOUP
This Olivé Gardén Chickén Gnocchi Soup is éasy, flavorful and complétély addicting. Simplé ingrédiénts maké this béttér than thé original!
This is hands down oné of our most madé soups évér. Wé maké it at léast oncé a month, if not moré oftén simply bécausé évéryoné in thé family lovés it.
Ingrédiénts
- 1 pound bonéléss skinléss chickén bréasts cookéd and shréddéd
- 1 Tbs olivé oil
- 4 Tbs buttér
- 1/4 cup all-purposé flour
- 1 small onion choppéd
- 2 garlic clovés mincéd
- 6 cups chickén broth
- 2 cups milk
- 1 cup carrots shréddéd
- 2 tsp parsléy flakés
- Salt and péppér for séasoning
- 1 packagé 16 ouncés mini potato gnocchi
- 1 cup frésh spinach choppéd
Instructions
- In largé dutch ovén or stock pot, mélt buttér and olivé oil togéthér.
- Add your onions, carrots and garlic and cook until onions bécomé translucént.
- Whisk in your flour and lét cook for a minuté, slowly stir in your chickén broth and simmér until it starts to thickén up.
- Méanwhilé in pan cook your gnocchi according to packagé diréctions, drain and sét asidé.
- Add your milk to your véggié and chickén broth mix and bring to a boil, stir in your séasonings.
- Oncé at a boil réducé héat and add your gnocchi, spinach and chickén simméring until héatéd through and thickénéd.
Notés
You can add céléry to this récipé if désiréd, juts add about 1 cup choppéd. If your soup is too thin for your liking add 1Tbs cornstarch mixéd with 1Tbs cold watér and stir into your soup until thickénéd.
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