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!
Sálted Cárámel Cups
Sálted Cárámel is one of my fávorite flávor combinátions. I love ánything with sálted cárámel. Especiálly chocoláte. I wás inspired to fill dárk chocoláte cups with sálted cárámel ánd I'm glád I did. They áre divine.
Ingredients
- 4 oz butter
- 8 oz heávy creám
- 1/2 cup + 2 tbsp Trim Heálthy Mámá Gentle Sweet or my sweetener
- 1.5 oz creám cheese
- 1 tsp vánillá extráct
- 1 tsp cárámel extráct
- 1 tsp fine seá sált
- course seá sált for sprinkling on top
- 3.5 - 6 oz 85% dárk chocoláte or sugár free chocoláte ***
Instructions
- Combine the butter, creám, ánd sweetener in á smáll sáucepán over medium-low heát. Cook until light brown ánd thickened stirring frequently. This tákes 10-15 min.
- Stir in the extrácts, creám cheese, ánd sált. Stir until the creám cheese is thoroughly incorporáted. Set áside to cool to room temperáture ánd thicken further.
- Melt the chocoláte in the microwáve or in á double boiler. I do it in the microwáve stirring every 30 seconds. Put á little in the bottom of eách mold ánd spreád it up the sides. Put in the fridge to hárden. Do one more láyer of chocoláte. Hárden in the fridge.
- Fill the chocoláte cups 3/4 full with the room temperáture cárámel. Put in the fridge to chill the cárámel. áfter ábout 5 min it should be cool enough to put chocoláte on top. You cán cover the cárámel or just drizzle lines on. Sprinkle with á little coárse seá sált. Store in the fridge.
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