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!
BANANA PUDDING TRIFLE
This Banana Pudding Trifle has layers of pudding, homemade whipped cream, pound cake, and vanilla wafers. Everyone loves it at get-togethers and it has even been the highest auctioned dessert and multiple dessert auctions!
Ingredients:
- 4 cups cold whole milk
- 2 {3.4 oz.} packages instant banana pudding mix
- 3 bananas, sliced
- 4 cups heavy whipping cream
- 4 tsp. vanilla extract
- 1 1/4 cups powdered sugar
- 1 {12 oz.} prepared pound cake, cubed
- 1 {12 oz.} box vanilla wafers, crushed {As you can see, I saved a few whole ones to put on top, but you could crush all of them if you’d like. It’s up to you!}
Directions:
- In a large bowl, mix milk and pudding together until smooth.
- Stir in sliced bananas and set aside.
- In a large bowl, use an electric mixer or stand mixer with the whisk attachment and whip your cream until stiff peaks are just about to form.
- Beat in vanilla and sugar until stiff peaks form. {Do not overbeat or you’ll end up making butter rather than whipped cream. No bueno.}
- In your trifle dish {I bought mine at Wal-Mart for like 6 bucks by the way. Doesn’t get better than that!}, layer half the pound cake cubes, half the pudding, half the whipped cream, and half the crushed vanilla wafers.
- Repeat this pattern with the remaining cake, pudding, and whipped cream.
- If you chose to save some whole vanilla wafers, layer them around the edge of the dish with about half of them sticking out. If you decided to crush them all, sprinkle ’em all on top!
- Chill in the refrigerator until ready to serve.
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