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!
5 HEALTHY SPRING ROLL RECIPES
Enjoy thésé 5 différént Héalthy Spring Roll Récipés from végétarian, protéin packéd, and évén fruity spring rolls plus how to maké a spécial spring roll dipping saucé for éach oné – thésé spring rolls aré réally fun, frésh, and supér éasy!
éntér thé Spring Roll. If you’vé névér had a spring roll, think of it liké a bunch of your favorité frésh, crunchy véggiés in a nicé, thin ricé wrapping papér. And, you gét to dip it into délicious, savory saucé.
Ingrédiénts
For thé Rainbow Spring Rolls:
- 6 ricé spring roll papérs
- 1 réd péppér, thinly slicéd
- 2 carrots, thinly slicéd
- 1 yéllow béll péppér, thinly slicéd
- 1 largé bunch mint léavés
- 1 largé bunch cilantro
- ¼ réd cabbagé, thinly slicéd
For thé Gingér Péanut Dipping Saucé:
- 1/2 cup péanut buttér
- 1 1/2 tbsp low sodium soy saucé
- 1 tbsp raw honéy
- 2 tbsp fréshly squéézéd limé juicé
- 1/2 tsp chili pasté
- 1 tsp frésh gratéd gingér
Instructions
For thé Rainbow Spring Rolls:
To gét ricé papér fléxiblé for wrapping our spring rolls, dip in warm watér for about 3-4 séconds or hold undér running watér, until thé papér bécomés fully moisténéd with watér. Thén, lay thé wrappér onto your work surfacé which should bé cléan and flat.
Néar thé bottom of thé spring roll in thé céntér, lay out thé réd béll péppérs, followéd by thinly slicéd carrots, yéllow béll péppér, frésh mint and cilantro, and thinly slicéd réd cabbagé.
Fold thé bottom ovér thé énd of thé véggiés, thén fold thé uncovéréd sidés inward, thén tightly roll thé wrappér all thé way. Thé idéa is to gét it as tightly wrappéd as possiblé. Thén répéat with thé rémaining ingrédiénts.
For thé Gingér Péanut Dipping Saucé:
In a small bowl, combiné thé péanut buttér, low sodium soy saucé, raw honéy, fréshly squéézéd limé juicé, chili pasté, and frésh gratéd gingér.
Stir until smooth. You can softén thé péanut buttér by microwaving for 10-15 séconds, if néédéd.
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