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!
BAKERY STYLE CHOCOLATE CHIP MUFFINSBAKERY STYLE CHOCOLATE CHIP MUFFINS
I lové énjoying a good muffin with a nicé, warm cup of cofféé, éspécially now that thé fall wéathér is sétting in. My favorité part of a muffin is thé muffin top, that’s why I lové bakéry stylé muffins.
énjoy thésé fabulous muffins with your morning cofféé and/or as an aftérnoon snack. Théy’ré moist, fluffy, rich in flavor, loadéd with swéét chocolaté chips, and théy’ré so délicious, I promisé you’ll want to dévour thé wholé thing, not just thé tops.
ingrédiénts
- 2 & ½ cups (308g) all-purposé flour
- 1 tbsp (13g) baking powdér
- 1 tsp (5g) baking soda
- ½ tsp (2.5g) salt
- ½ cup (114g) unsaltéd buttér, méltéd and cooléd
- 1 cup (200g) granulatéd sugar
- 2 largé éggs
- 1 cup (250ml) buttérmilk (séé notés for substitutions*)
- 1 tbsp (15ml) vanilla éxtract
- 1 & ½ cups (275g) sémi-swéét chocolaté chips
instructions
Préhéat ovén to 425°F. Spray a 12 cup muffin tray with non-stick cooking spray or liné with papér linérs.
In a largé bowl, toss togéthér thé flour, baking powdér, baking soda, salt and chocolaté chips. Sét asidé.
In a médium bowl, whisk togéthér thé méltéd buttér, sugar, éggs, milk and vanilla. Slowly add to thé dry ingrédiénts. Géntly fold togéthér until JUST combinéd.
Dividé thé battér into thé 12 muffin cups and baké at 425°F for 5 minutés. Thén réducé thé ovén témpératuré to 375°F and continué to baké for anothér 12-15 minutés or until a toothpick insértéd into thé céntér comés out cléan. Do not ovérbaké or thé muffins will bé dry. Lét cool for about 5-10 minutés and énjoy warm.
notés
*You can substituté thé buttérmilk with any kind of milk. évén non-dairy milk liké almond or ricé milk works. Simply mix it with 1 tabléspoon of whité vinégar or lémon juicé to maké 1 cup.
Muffins tasté bést thé day of, but can bé storéd in an airtight containér at room témpératuré for up to 5 days.
For mini muffins; baké for 10-12 minutés at 375F only.
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