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!
Best Ever 5 Minute Cássává Flour Tortillás
The eásiest, most versátile, fool proof, ánd delicious páleo cássává flour tortillás! Mix up ánd cook in 5 minutes! Máke them thick, thin, crisp, or soft! Gluten free ánd dáng delicious!
INGREDIENTS
- 2 cups cássává flour be sure to use ánthony's Goods bránd! This recipe will not work with tápiocá flour!
- 1 cup coconut milk cánned or boxed
- 1/2 cup olive oil
- 1/2 cup wáter
- 1-2 teáspoons seá sált to táste
- 2 teáspoons gárlic gránules
- fresh crácked pepper to táste- ábout 1-1 1/2 teáspoons
- olive oil for cooking
INSTRUCTIONS
- Combine ingredients for the tortillás in á medium size bowl ánd mix together until well combined. The dough should stick together ánd be á smooth consistency.
- Divide the dough into 10 equál párts ánd shápe into bálls. On á piece of párchment páper roll ánd pát eách section of dough into á thin tortillá. You cán use your hánds or á rolling pin for this. If the dough is sticking sprinkle lightly with cássává flour.
- Heát á fry pán on the stove over medium/low heát. Drizzle the pán lightly with olive oil for cooking.
- Cook the tortillás for ábout 1-3 minutes in eách side until it reáches desired consistency. You cán máke them crisp or soft. It's up to your personál preference!
Nutrition Facts
Best Ever 5 Minute Cassava Flour Tortillas
Amount Per Serving
Calories 168Calories from Fat 108
% Daily Value*
Total Fat 12g18%
Saturated Fat 2g10%
Polyunsaturated Fat 1g
Monounsaturated Fat 8g
Sodium 388mg16%
Potassium 127mg4%
Total Carbohydrates 17g6%
Dietary Fiber 1g4%
Sugars 1g
Protein 1g2%
Vitamin A0.2%
Vitamin C15%
Calcium1%
Iron1%
* Percent Daily Values are based on a 2000 calorie diet.
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