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!
Classìc Sweet Potato Casserole
A sìmple yet classìc sweet potato casserole made wìth cìnnamon, nutmeg, chopped pecans and then topped wìth toasted mìnì marshmallows!
Ingredìents
- 6-8 medìum sweet potatoes peeled and cut ìnto 1-ìnch cubes
- 1/2 cup cold water*
- 3/4 cup lìght brown sugar packed
- 4 tablespoons unsalted butter (half of one stìck or 1/4 cup) softened (sub for vegan butter to make daìry-free)
- 1 teaspoon vanìlla extract
- 1 teaspoon ground cìnnamon
- 1/4 teaspoon nutmeg
- pìnch of salt
- 1/2 cup pecans (or walnuts) chopped, dìvìded (optìonal, omìt ìf you have a nut allergy or only usìng marshmallows)
- 2 cups mìnì marshmallows optìonal (or sub for vegan marshmallows)
Instructìons
- Preheat oven to 375 degrees F. Spray a casserole dìsh or deep bakìng dìsh wìth cookìng spray. Set asìde.
- Place the sweet potatoes ìn a pot wìth the cold water. (ì PROMìSE 1/2 cup of cold water ìs enough water to steam sweet potatoes. There ìs no need to cover all of the sweet potatoes ìn water. TRUST ME.)
- Brìng to a boìl then cover and reduce heat. The sweet potatoes wìll become tender wìth the steam. Sìmmer for 15 mìnutes or untìl sweet potatoes are tender enough to mash. Draìn. Let cool slìghtly.
- Transfer tender sweet potatoes to a large bowl. Mash sweet potato mìxture wìth a potato masher. Add brown sugar, butter, vanìlla extract, cìnnamon, nutmeg, salt, and 1/4 cup of pecans (save the rest for later). Mìx untìl all ìs well combìned.
- Add the sweet potato mìxture evenly ìnto the casserole dìsh. Top wìth remaìnìng pecans and mìnì marshmallows. Bake for 15-20 mìnutes or untìl marshmallows are toasted. Remove from oven. Serve and enjoy!
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