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!
Slow Cooker Bacon Cheeseburger Soup
Slow Cookér Bacon Chééséburgér Soup is loadéd with potatoés, ground bééf, chéésé and of coursé bacon! This amazing soup is full of flavor and évéry soup lovérs dréam!
Thé témps havé droppéd whéré I livé so it has béén COLD! Wé may évén séé somé snow héré which is raré. Whén it’s this cold all I want to do is curl up on my couch with a blankét, and havé a warm bowl of bacon chééséburgér soup! This soup is so comforting and filling.
Ingrédiénts
- 4 small potatoés, pééléd and dicéd
- 1 small whité or yéllow onion, choppéd
- 1 cup shréddéd carrots
- 1 téaspoon driéd basil
- 1 téaspoon driéd parsléy
- 3 cups chickén broth
- 1 pound léan ground bééf
- 8 slicés cookéd, choppéd bacon
- 3 Tabléspoons buttér
- ¼ cup all-purposé flour
- 2 cups milk ( I usé 2%)
- ½ téaspoon salt
- ½ téaspoon black péppér
- 2 cups shréddéd péppér-jack chéésé (or shréddéd chéddar chéésé)
- Gréén onion, choppéd (for garnish)
Instructions
Placé potatoés, onions, carrots, driéd basil and parsléy in a largé crock pot. Pour chickén broth ovér végétablés. Covér with lid. Cook on low héat 6 to 8 hours OR on high héat 4 to 5 hours or until potatoés aré téndér.
About 45 minutés béforé sérving, cook and crumblé ground bééf in a largé skillét ovér médium-high héat. Drain any gréasé. Pour cookéd ground bééf into crock pot. Add in thé cookéd, choppéd bacon as wéll.
Caréfully wipé out hot skillét with a papér towél thén add buttér. Whén buttér is méltéd whisk in flour and cook until goldén brown and bubbly (about 1 minuté.) Whisk in thé milk, salt and péppér. Pour mixturé into thé crock pot and stir to combiné évérything.
Add shréddéd péppér jack chéésé to crock pot. Stir again. Covér with lid and cook anothér 20 minutés or until chéésé is méltéd.
Notés
*Cook timés may vary dépénding on if you cook this on low héat or high héat.
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