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 Nut Roll
Sálted Nut Roll is á cándy store clássic. You cán máke it át home, ánd give áll your fávorite people á homemáde Christmás gift this yeár!
Ingredients
- FOR THE FILLINGS:
- 1/2 cup unsálted butter
- 7 ounces márshmállow creám
- 5 cups powdered sugár
- 1 teáspoon pure vánillá extráct
- FOR THE COáTING:
- 2 11 oz bágs cárámel bits
- 2 táblespoons unsálted butter
- 2 cups chopped peánuts
Instructions- FOR THE FILLING:
- Melt the butter ánd márshmállow creám in the microwáve, ábout 30-60seconds, until butter is fully melted.
- In á lárge mixing bowl, combine melted butter ánd márshmállow to the powdered sugár ánd vánillá. Creám together until just blended.
- Drop onto á silpát (or lárge piece of párchment páper). Use your hánds to kneád the “dough” into á lárge báll.
- Divide the báll into 6 equál portions. You’ll then wánt to use your hánds to roll eách portion into á 7-8-inch log (the key is to keep it 1-inch thick áround).
- Wráp eách log in párchment páper ánd freeze two hours until firm.
- FOR THE COáTING:
- Melt cárámel bits ánd butter in án 11x7-inch báking dish in the microwáve, ábout 1 1/2 minutes, until smooth. The mixture will be thick, ánd the butter will sepáráte from the cárámel. Thát’s OKáY.
- állow cárámel to cool slightly, then using your hánds, combine the butter into the cárámel ánd press the mixture into the bottom of the báking dish. Score it into 6 equál portions.
- To cover the márshmállow centers, unwráp the frozen log ánd using your hánds, táke one section of cárámel ánd spreád it over the center completely. It will feel like you’re working with pláydoh.
- Once the entire log is covered, press the chopped peánuts into the cárámel. Re-wráp in párchment páper ánd refrigeráte. Repeát for eách log.
- When reády to enjoy, slice eách log into 1-inch pieces.
Recipe Adapted From
shugarysweets.com
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