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!
IRISH BLAAS!
Tender and soft on the inside, crusty on the outside. Try our Irish Blaas for St. Paddy’s Day.
Have you ever heard of Blaas before? I found them in my recipe file and had never made them before. I collect all things Irish so I have a bunch of recipes I need to try. They are pronounced Blah, like blah, blah. I know it’s strange but there is nothing strange about this delicious roll. I glad I found it.
Every time I make Irish Soda bread I am never happy with it. So now I have a new roll that I can make on St. Patrick’s Day.
Tender and soft on the inside, crusty on the outside. Try our Irish Blaas for St. Paddy's Day.
INGREDIENTS
- 1 package yeast
- 1 tablespoon sugar
- 1/2 teaspoon salt
- 1/2 cup butter - softened
- 1 1/2 cups warm water
- 4 cups flour for rolls, additional 3/4 cup to roll them in
INSTRUCTIONS
- Add the yeast and sugar to the warm water in your mixer bowl. Let the yeast proof for 5 minutes.
- Add the flour, salt and butter. Blend with the dough hook until combined. Then knead for 5 minutes or until dough starts to get a shine to it. It will be a sticky dough. At one point it will pull away from the sides of the pan. Cover and let rise until doubled.
- Roll the dough out into a log. Divide into 10 - 12 pieces. I did 10 and they were pretty big, I thought. I will do 12 next time. Roll the dough into a round and roll in the 3/4 cup flour. Set aside while you do the rest.
- Grease a cookie sheet. Roll the dough balls in the flour again. Place them on the cookie sheet. Cover and let raise again until doubled.
- Preheat oven to 400 degrees. Bake for 18 - 22 minutes, they will be lightly browned and sound hollow when tapped.
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