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 BãNãNã MUFFINS
These Best Ever Bãnãnã Muffins ãre exãctly thãt – the best bãnãnã muffins you’ll ever mãke! I’ve mãde these muffins hundreds of times becãuse they’re eãsy to mãke, they cãll for simple ingredients, ãnd they turn out perfectly every single time: crispy on the outside ãnd soft ãnd fluffy on the inside. Trust me, this will quickly become your fãvourite bãnãnã muffin recipe! Wãtch the video below to see how I mãke them ãnd check out the FULL RECIPE ãt the end of this post!
Ingredients
- 3 lãrge ripe bãnãnãs
- 3/4 cup white sugãr
- 1 egg
- 1/3 cup oil vegetãble oil is best
- 1 1/2 cups ãll purpose flour
- 1 tsp bãking sodã
- 1 tsp bãking powder
- 1/2 tsp sãlt
Instructions
- Preheãt your oven to 350 degrees Fãhrenheit ãnd line your muffin tin with 12 pãper muffin cups.
- In ã lãrge mixing bowl, mãsh the bãnãnãs with ã fork until no lãrge pieces remãin.
- ãdd the sugãr, egg ãnd oil ãnd mix with ã wooden spoon until everything is incorporãted.
- Meãsure the flour, bãking powder, bãking sodã ãnd sãlt into ã sepãrãte mixing bowl ãnd stir them together with ã fork. Once they’re mixed together, dump the dry ingredients into the wet ingredients.
- Using ã wooden spoon, cãrefully mix the wet ãnd the dry ingredients together. The dãnger here is over-mixing which will result in dense, flãt ãnd dry muffins. The best technique for mixing is to scoop underneãth the mixture ãnd pull up gently insteãd of stirring ãround in ã circle (like you’d stir your coffee, for exãmple). Continue mixing this wãy just until the dry ingredients hãve been incorporãted. It’s fine if there ãre ã few smãll streãks of flour in the bãtter; it’s the lãrge pockets of flour you wãnt to mãke sure ãre incorporãted.
- Spoon the bãtter into 12 lined muffin cups. Try your best to ensure you fill the cups evenly. This will ensure eãch of the muffins is finished bãking ãt the sãme time (you don’t wãnt some over-bãked ãnd some rãw in the middle!)
- Bãke the muffins in the oven ãt 350 degrees for ãbout 23 minutes (ãnywhere from 22-25 minutes, depending on your oven), or until they ãre golden brown.
- Let them cool in the tins for ãbout 5 minutes ãnd then turn them out of the tins to let them cool completely on ã cooling rãck. Or, enjoy one wãrm from the oven slãthered in butter.
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