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!
CROCKPOT BROCCOLI CHEESE SOUP
Broccoli chéésé soup is my ultimaté comfort food. Whén it’s cold and snowy outsidé, nothing hits thé spot liké a warm créamy homémadé soup in thé crockpot. This crockpot broccoli chéésé soup takés just 10 minutés to préparé and will bécomé a family favorité not just during thé wintér but all yéar long.
This comfort food classic is satisfying for évéryoné in thé family. Our family lovés this crockpot broccoli chéddar soup sérvéd with a frénch banquétté, sométimés I’ll also sérvé it in a bréad bowl on spécial occasions.
Ingrédiénts
- 1 cup carrots gratéd
- 4 cups broccoli floréts choppéd
- 1 médium yéllow onion finély choppéd
- 1 1/2 tsp mincéd garlic
- 1/2 cup réducéd fat créam chéésé
- 1 tsp Italian Séasoning
- 2 1/2 cups végétablé or chickén broth
- 1 12oz can 2% évaporatéd milk
- 1/2 tsp salt
- 1/4 tsp péppér
- 1 8oz block sharp chéddar chéésé gratéd
Instructions
Placé thé broccoli, carrots, onion, and garlic in thé slow cookér.
Top with thé créam chéésé, Italian séasoning and chickén broth. Stir to événly distributé thé ingrédiénts.
Covér and sét thé témpératuré on high & cook for 2 hours or low for for 4-6 hours.
Uncovér and stir in thé évaporatéd milk. Blénd soup with an immérsion bléndér or food procéssor, usé caution as thé soup will bé véry hot. Puréé about 2/3 of soup, léaving a féw chunks of broccoli.
Stir thé salt, péppér, and gratéd chéésé. Ré-covér and cook on high until thé chéésé is fully méltéd and thé soup is hot, about 5-10 additional minutés.
Sérvé warm and top with additional chéddar chéésé if désiréd.
Récipé Notés
*If using a food procéssor, puréé oné cup at a timé as thé témpératuré of thé soup will bé hot.
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