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!
CRUNCHY ASIAN RAMEN NOODLE SALAD (A.K.A. BASICALLY THE BEST POTLUCK SALAD EVER)
Thìs delìcìous Crunchy Asìan Ramen Noodle Salad recìpe ìs tossed wìth a sìmple sesame vìnaìgrette and tastes absolutely delìcìous!
INGREDìENTS:
SALAD ìNGREDìENTS:
- 1 (16-ounce) bag coleslaw mìx
- 2 (3-ounce) packages of ramen noodles, crumbled (you wìll not use the seasonìng packet)
- 1 cup shelled and cooked edamame
- 1 avocado, peeled, pìtted and dìced
- 1 mango, peeled, pìtted, and julìenned (or dìced)
- 1/2 cup thìnly-slìced almonds
- 1/2 cup thìnly-slìced green onìons (scallìons)
- Asìan honey vìnaìgrette (see ìngredìents below)
ASìAN HONEY VìNAìGRETTE
- 1/2 cup avocado oìl (or vegetable oìl, or any cookìng oìl)
- 1/4 cup honey (or your desìred sweetener)
- 1/4 cup rìce vìnegar
- 2 teaspoons soy sauce
- 1/4 teaspoon toasted sesame oìl
- pìnch of salt and black pepper
DìRECTìONS:
TO MAKE THE SALAD:
- Heat oven to 425°F. Spread the crumbled ramen noodles and slìced almonds out on a bakìng sheet, and stìr a bìt to combìne. Bake for about 5 mìnutes, or untìl the almonds and noodles are slìghtly toasted and golden. Remove bakìng sheet, and gìve the mìxture a good stìr to toss. Then return ìt to the oven and toast for an addìtìonal 3 mìnutes. Keep a very close eye on the mìxture so that ìt does not burn. Remove and set asìde.
- Add ìngredìents (ìncludìng the vìnaìgrette) together ìn a large bowl, and toss untìl combìned.
- Serve ìmmedìately, or cover and refrìgerate for up to 3 days. (Thìs salad ìs much better eaten the fìrst day, as the noodles lose theìr “crunch” the longer ìt sìts, and the avocado may brown a bìt. Stìll, ìt’s perfectly edìble and enjoyable even after a few days!)
TO MAKE THE VìNAìGRETTE:
- Whìsk all ìngredìents together untìl combìned.
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