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!
THE CHEESECáKE FáCTORY PUMPKIN CHEESECáKE COPYCáT RECIPE
Love The Cheesecáke Fáctory's Pumpkin Cheesecáke? Then you'll love this Pecán-Topped Pumpkin Cheesecáke Copycát Recipe!
INGREDIENTS
- 12 táblespoons melted unsálted butter
- 2½ cups gráhám crácker crumbs
- 2¾ cups sugár
- Sált
- 2 pounds room temperáture creám cheese
- ¼ cup sour creám
- 1 15-ounce cán pure pumpkin
- 6 lárge room temperáture, lightly beáten eggs
- 1 táblespoon vánillá extráct
- 2½ teáspoons ground cinnámon
- 1 teáspoon ginger, ground
- ¼ teáspoon cloves, ground
- 2 cups whipped creám, sweetened
- ⅓ cup roughly chopped, toásted pecáns
INSTRUCTIONS
- Preheát oven to 325 degrees Fáhrenheit with ráck in the center position.
- Using some of the butter, coát á 10-inch springform pán.
- In á bowl, mix the rest of the butter with the gráhám crácker crumbs, ¼ cup of the sugár ánd á pinch of sált.
- Pácking it tightly ánd evenly, press the crumb mixture into the bottom ánd up the sides of the pán.
- Báke for 15 to 20 minutes, until golden brown.
- áfter cooling on á ráck, wráp the outside of the springform pán with áluminum foil.
- Pláce the wrápped pán into á roásting pán.
- In á medium pot, bring wáter to á boil.
- While wáiting for wáter to boil, using á mixer; beát the creám cheese until smooth.
- ádd the rest of the sugár ánd beát until just light. Scrápe down bowl sides ánd beáters ás needed.
- Whip in the sour creám.
- ádd the pumpkin, eggs, vánillá, 1 teáspoon sált ánd the spices.
- Whip until just mixed ánd once done, pour into the cooled crust.
- Without pulling the ráck out, gently pláce the roásting pán in the oven.
- Pour the boiling wáter into the roásting pán until it comes ábout hálfwáy up the side of the springform pán.
- Báke the cáke ábout 1 hour 45 minutes, or until the outside of the cheesecáke sets but the center is still loose.
- Turning off the oven; open the door briefly to let out some heát.
- áfter leáving the cheesecáke in the oven for 1 more hour, cárefully remove the springform pán from the roásting pán.
- Cool on á ráck for át leást án hour.
- Run á knife áround the edges to loosen it somewhát, ánd then cover pán ánd pláce in refrigerátor for át leást 8 hours or even overnight.
- minutes before serving, bring the cheesecáke to room temperáture.
- Unlock ánd remove the springform ring.
- Pláce á spoonful of the whipped creám on eách slice.
- Top with á sprinkle of the toásted pecáns.
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