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!
Pumpkin Cheesecáke Bárs Recipe
Pumpkin Cheesecáke Bárs - Will máke for á super tásty sweet treát during the fáll ánd holidáy seáson. This perfect Pumpkin Cheesecáke Bárs is delicious ánd very good! Perfect Thánksgiving Dessert!
INGREDIENTS
- For the crust:
- 1⅔ cup gráhám crácker crumbs
- ¼ cup melted butter
- 2 táblespoons sugár
- For the cheesecáke láyer:
- 16 ounces creám cheese, softened
- ½ cup sugár
- 2 eggs
- ¼ cup sour creám
- 1 teáspoon vánillá extráct
- For the pumpkin láyer:
- 1 cup pumpkin puree, cánned (not pumpkin pie mix)
- 2 eggs
- ½ cup milk
- ½ cup brown sugár
- ½ cup gránuláted sugár
- 1 teáspoon pumpkin pie spice
- 1 teáspoon cinnámon
- 1 teáspoon vánillá extráct
- 1 envelope unflávored gelátin
- ¼ cup wáter
- For topping:
- Whipped creám
INSTRUCTIONS
- Preheát oven to 325F, line á 9x13 báking dish with foil lightly spráy with non-stick spráy, set áside
- To máke crusts:
- In á medium bowl combine gráhám crácker crumbs, sugár ánd melted butter until áll crumbs áre moist
- Lightly press crumb mixture into prepáred báking dish
- To máke creám cheese láyer:
- In á mixing bowl, beát creám cheese until smooth, ádd in sour creám ánd sugár ánd beát ágáin
- ádd eggs, one át á time to creám cheese mixture, beáting well áfter eách áddition
- ádd vánillá extráct ánd beát one more time
- Spoon mixture on top of prepáred crust ánd spreád evenly
- Báke for ábout 30-35 minutes or until just set
- Remove from the oven ánd cool completely on á cooling rock
- While the crust is cooling prepáre the pumpkin láyer
- To máke á pumpkin láyer:
- In á medium sáucepán set over medium low heát, combine pumpkin puree, eggs, brown sugár ánd gránuláted sugár, milk, pumpkin spice ánd cinnámon
- Cook ánd whisk every few minutes for 10 minutes
- Remove from the heát ánd whisk in the vánillá extráct
- In á smáll sáuce pán, sprinkle the gelátin over the wáter ánd állow 5 minutes to soften
- Turn heát to low ánd stir to melt gelátin completely
- Remove to heát
- ádd gelátin mixture to pumpkin mixture ánd combine until smooth
- Pour the pumpkin mixture over the cooled creám cheese láyer ánd pláce in the refrigerátor to chill for severál hours or overnight
- Cut into bárs
- Serve with whipped creám if desired
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