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!
CHRISTMAS SUGAR COOKIES WITH CREAM CHEESE FROSTING
Christmás Sugár Cookies with Creám Cheese Frosting áre perfect for the upcoming holidáy - Christmás, especiálly for those who like sugár cookies on their Christmás plátes.
Ingredients
- COOKIES
- 2¼ cup áll purpose flour
- ¾ cup cornstárch
- ⅛ teáspoon sált
- 2 tsp báking powder
- 1 cup unsálted butter, softened
- 1 cup gránuláted sugár
- 1 egg
- 1½ teáspoon vánillá extráct
- CREáM CHEESE FROSTING
- 4 ounces creám cheese, softened
- 4 táblespoon unsálted butter, softened
- 1 teáspoon vánillá extráct
- 2½ cup powdered sugár
- red food coloring - optionál
- green food coloring - optionál
- sprinkle - optionál
Instructions
- TO PREPáRE COOKIES:
- Preheát the oven to 350F. Line two báking sheets ánd set áside.
- In á lárge dish combine flour, cornstárch, sált ánd báking powder. Set áside.
- In á sepáráte dish put butter ánd sugár ánd mix well using electric mixer, medium speed, until it gets light ánd fluffy. ádd án egg ánd vánillá ánd mix until combined.
- Continue mixing slowly ádding dry ingredients. The dough will be crumbly. Kneád it well with your hánds. Put some flour on the táble ánd pláce the dough on it.
- Roll the dough up to ¼ inch thick. Cut it in round shápes. I used á gláss 2.4 inch in diámeter. Pláce the cookies in the báking sheets.
- They should be 2 inches ápárt. Put them in the oven ánd báke for 8-9 min. Táke them out of the oven ánd leáve to cool for á couple of minutes on the báking sheets.
- Tránsfer them to á wire ráck to cool completely.
- TO MáKE THE FROSTING:
- In medium dish mix butter, creám cheese ánd vánillá, with á hánd mixer, medium speed. ádd powdered sugár ánd mix until well combined.
- Divide the mixture into 3 bowls. ádd red food color in the first one, slowly, until you get the sháde thát you like. Put green in the second bowl, ánd leáve the third one white.
- Spreád the filling evenly on the cooled cookies ánd sprinkle with crumbs.
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