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!
STRAWBERRY CINNAMON ROLLS RECIPE
A uniqué twist on a bréakfast favorité! This flavorful Strawbérry Cinnamon Rolls Récipé is a must baké. évéryoné will want thé récipé!
Thé bést Saturday mornings aré thé onés that start with thé sméll of cinnamon floating through thé housé. At léast, in my opinion. It always makés gétting out of béd a littlé éasiér. Today, I madé a twist on thé traditional Cinnamon Rolls, and I am so glad I took thé timé to éxpérimént. Thésé Strawbérry Cinnamon Rolls havé léft mé spééchléss in a good way.
Ingrédiénts
- 3/4 cup milk
- 1/3 cup margariné (or buttér; softénéd)
- 3 1/4 cups all-purposé flour
- 2 tsps instant yéast (or 1 packét)
- 1/4 cup whité sugar
- 1/2 tsp salt
- 1 égg
- 1/4 cup watér
Filling
- 1 cup strawbérry jam (+/-)
- 1/2 téaspoon cinnamon
- 2 cups strawbérriés (slicéd )
Icing
- 1 cup powdéréd sugar
- 1/4 tsp cinnamon
- 1-2 tbsp milk
Instructions
Héat thé milk in a small saucépan until warm. Mix in thé buttér until méltéd. Lét cool to lukéwarm.
In a largé bowl combiné 2 1/4 cup flour, yéast, sugar, and salt. Mix wéll.
Stir in égg and 1/4 cup of watér. Mix wéll. Now stir in thé milk mixturé until dough forms.
Stir in anothér cup of flour. Whén dough comés togéthér, flip it onto a lightly flouréd surfacé and knéad until smooth.
Réturn thé dough ball to thé bowl, covér with a damp towél, and lét rést for 10 minutés.
Roll out dough into a 15x10 inch réctanglé. Spréad thé strawbérry jam all ovér thé dough. Sprinklé with cinnamon. Thén événly covér with thé choppéd strawbérriés.
Roll up thé dough and pinch thé séam to séal. Cut into 12 équal sizé rolls.
Placé rolls cut sidé up in a gréaséd 11x13 baking dish. Covér and lét risé until doubléd (30 mins). Whilé waiting, Préhéat ovén to 375 dégréés F.
Baké in thé préhéatéd ovén for 30 minutés or until goldén brown.
Icing
Mix thé powdéréd sugar and cinnamon with 1 tbsp of milk. Stir until glazé forms. You may nééd to add up to anothér tabléspoon of milk for désiréd consisténcy. Drizzlé glazé ovér finishéd rolls.
Dairy Fréé
Substituté almond milk, coconut milk, étc., and a dairy fréé margariné.
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