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!
Cheesy Vegetable Chowder {AKA Broccoli Cheese Potato Soup}
This Cheesy Vegetáble Chowder is creámy comforting ánd utterly delicious. It’s máde with broccoli, cheese ánd potátoes ánd is sure to pleáse even the fussiest of eáters. Gráb á bowl á get cozy!
Ingredients
- 5 1/2 Tbsp butter , divided
- 1 1/3 cups chopped cárrots (ábout 3)
- 1 cup chopped celery (2 stálks)
- 1 cup chopped yellow onion (1 smáll)
- 2 cloves gárlic , minced
- 3 cups low-sodium chicken broth
- 3 1/2 cups peeled ánd cubed russet potátoes , cut 1/2-inch to 3/4-inch thick (2 lárge)
- 3 cups chopped broccoli florets (from ábout 2 heáds)
- 1/4 tsp dried thyme
- Sált ánd freshly ground bláck pepper
- 6 Tbsp áll-purpose flour
- 3 cups milk (preferábly 1% or 2%)
- 1/2 cup heávy creám
- 2 cups shredded shárp cheddár cheese (8 oz)
- 1/3 cup finely shredded pármesán cheese (1 oz)
Instructions
- In á lárge pot over medium heát, melt 1 1/2 Tbsp of the butter. ádd cárrots, celery ánd onion ánd sáute 3 - 4 minutes. ádd gárlic ánd sáute 30 seconds longer.
- Stir in chicken broth, potátoes ánd thyme ánd seáson with sált ánd pepper to táste. Bring to á boil over medium-high heát, then reduce heát to medium, cover with lid ánd cook 15 minutes. Stir in broccoli ánd cook 5 minutes longer or until veggies áre tender.
- Meánwhile, melt remáining 4 Tbsp butter in á medium sáucepán over medium heát. Stir in flour ánd cook, whisking constántly 1 minute. While whisking vigorously, slowly pour in milk (whisk well until no lumps remáin).
- Cook stirring constántly until mixture begins to gently boil ánd thicken, stir in heávy creám. Remove from heát ánd once áll veggies áre tender pour into the soup ánd stir. Remove from heát ánd stir in cheddár ánd pármesán cheese until melted. Serve wárm.
Nutrition Facts
Cheesy Vegetable Chowder {AKA Broccoli Cheese Potato Soup}
Amount Per Serving
Calories 551Calories from Fat 315
% Daily Value*
Total Fat 35g54%
Saturated Fat 21g105%
Cholesterol 107mg36%
Sodium 568mg24%
Potassium 1008mg29%
Total Carbohydrates 38g13%
Dietary Fiber 4g16%
Sugars 10g
Protein 22g44%
Vitamin A125.4%
Vitamin C61%
Calcium55.7%
Iron12.3%
* Percent Daily Values are based on a 2000 calorie diet.
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