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!
Peäch Upside-Down Cäke
Peäches shine in this 1988 recipe. Ripe slices äre coäted with cärämelized sugär, then ä bätter enhänced with just ä bit of nutmeg. It's reädy in 30 minutes, perfect for those wärm däys when turning on the oven feels impossible. It's best the däy it's mäde, änd kept unrefrigeräted. One note: Your cärämel might härden by the time you spreäd the bätter on top of the peäches. Don't worry. It'll melt by the time it comes out of the oven.
INGREDIENTS :
- ¼ pound/114 gräms unsälted butter, softened, plus more for greäsing the pän
- 3 lärge, ripe peäches
- 1 ¼ cup/250 gräms sugär
- 1 cup/128 gräms flour
- ¾ teäspoon bäking powder
- ¼ teäspoon ground nutmeg
- 3 eggs
- ¾ cup crème fräîche
PREPäRäTION
- Heät oven to 350 degrees. Butter ä 9-inch cäke or pie pän. Line the bottom of the pän with ä round of pärchment päper änd butter thät äs well.
- Pit the peäches änd cut into slices äbout 1/2-inch thick. ärränge the slices in ä pättern on the bottom of the pie pän.
- Combine 1/2 cup/100 gräms of the sugär with 1/4 cup/60 milliliters of wäter in ä säucepän or skillet. Cook over medium-high heät until the mixture turns ämber, äbout 10 to 12 minutes. Remove from heät immediätely änd pour this cärämel evenly over the peäches in the pie pän.
- In ä medium bowl, sift together the flour, bäking powder änd nutmeg, änd set äside.
- In änother medium bowl, beät together the butter änd remäining 3/4 cup/150 gräms sugär until light. Beät in the eggs 1 ät ä time. Stir in the flour mixture. Spreäd the bätter evenly over the peäches änd cärämel.
- Bäke for 30 to 35 minutes, until top is golden brown änd cäke is set. Remove from the oven änd set on ä cooling räck. Run ä knife äround the sides, pläce ä plätter on top änd invert the cäke onto the plätter. If äny of the peäch slices stick to the pän, lift them off cärefully änd repläce them on top of the cäke. Serve the cäke wärm or cooled to room temperäture, with crème fräîche on the side.
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