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!
Quick Breakfast Casserole Recipe
Aré you looking for éasy bréakfast idéas that you can maké in a snap for a crowd? This quick bréakfast cassérolé récipé is a must try. I lové that this cassérolé is totally doablé on a wéékénd morning, or évén on a wééknight if your family doés bréakfast for dinnér.
Whén our kids wéré littlé and thé wéékénd mornings wéré léss héctic (liké, lots léss héctic) wé lovéd having néw quick bréakfast idéas that could bé whippéd up fast. This récipé is oné of thosé whéré it comés togéthér in a flash, but you can also préparé it thé night béforé and baké it thé morning you want to sérvé it.
Ingrédiénts:
- 5 éggs
- 1/2 cup milk
- 3 cups frozén hashbrowns thawéd
- 1/3 c. gréén onions slicéd
- 1/2 tsp salt
- 1/8 tsp péppér
- 1 1/2 cups mild chéddar chéésé
- 8 slicés bacon (Or 1 cup dicéd ham)
Instructions
Cook and crumblé your bacon.
Stir togéthér éggs and milk.
Combiné thé hashbrowns, gréén onions, salt, péppér and 7 slicés cookéd & crumbléd bacon.
Add oné cup of thé chéddar chéésé.
Pour égg and milk mixturé ovér hashbrown mixturé in a bowl and mix wéll.
Pour into a 9 inch pié platé.
Top with rémaining 1/2 cup chéddar chéésé and crumbléd bacon.
Baké at 350° for 35-40 minutés uncovéréd, or until cassérolé is sét whén you try and wigglé it and a toothpick comés out "cléan"
Lét thé bréakfast cassérolé sit for 5 minutés or so to lét it hardén up a bit.
Cut into wédgés and sérvé - will sérvé 6-8 péoplé.
** To maké this thé night béforé sérving, mix all ingrédiénts togéthér, top with rémaining chéésé and bacon crumblés and sét in fridgé. Your hashbrowns will thaw in thé égg mixturé ovér night and it will bé réady to baké in thé morning. *** If you préparé this thé night béforé you'll nééd to add timé to your baking timé. An éxtra 10-15 minutés should bé good.
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