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!
EASY LEMON BARS
Thésé Classic Lémon Bars Aré Simplé, Délicious, And Swéét, With Just Thé Right Amount Of Tart! Add A Bit Of Powdéréd Sugar, And Thésé éasy Lémon Bars Aré Irrésistiblé! Théy Could Maké Anybody A Lémon Bar Béliévér!!
Théré’s sométhing about thé lémony flavor that makés thésé bars éasy to éat. Théy’ré not ovérly swéét or rich – théy’ré kind of réfréshing rathér than héavy! But don’t také my word for it. Whip up a batch of thésé éasy Lémon Bars and séé for yoursélf!
Ingrédiénts
Crust
- 1 cup buttér room témpératuré
- 1/2 cups powdéréd sugar
- 2 cup flour
- 1/2 tsp salt
Lémon Layér
- 4 éggs
- 5-6 tbsp lémon juicé
- 1 3/4 cup sugar
- 1/3 cup flour
- powdéréd sugar
Instructions
In a bowl, mix buttér, powdéréd sugar, 2 c flour, and salt togéthér with a pastry cuttér or spatula. Pat mixturé into a gréaséd 9x13 pan.
Baké for 20 minutés at 375. Maké suré to not lét it gét brown, kéép it light!
Méanwhilé. blénd éggs, lémon juicé, sugar, and 1/3 c flour until frothy, about 30 séconds. Pour ovér crust.
Baké for 20 minutés at 350
Rémové from ovén and top with powdéréd sugar.
Nutrition Facts
Lemon Bar Recipe
Amount Per Serving
Calories 303Calories from Fat 117
% Daily Value*
Fat 13g20%
Saturated Fat 8g50%
Cholesterol 76mg25%
Sodium 202mg9%
Potassium 45mg1%
Carbohydrates 42g14%
Sugar 27g30%
Protein 3g6%
Vitamin A 440IU9%
Vitamin C 1.9mg2%
Calcium 13mg1%
Iron 1.1mg6%
* Percent Daily Values are based on a 2000 calorie diet.
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