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!
Southern Peach Cobbler
TESTED & PERFECTED RECìPE - An easy dessert of sweet, juìcy peaches, warm spìces & a homemade buttermìlk bìscuìt toppìng.
INGREDìENTS
- 3-1/4 pounds yellow peaches (about 8), peeled, pìtted and cut ìnto 1/4-ìnch slìces
- 2 tablespoons lemon juìce, from 1 lemon
- About 1 cup sugar, dìvìded
- 2 tablespoons cornstarch
- 1 teaspoon ground cìnnamon
- 1/8 teaspoon ground nutmeg
- 1 cup all purpose flour, spooned ìnto measurìng cup and leveled-off wìth a knìfe
- 1-1/4 teaspoons bakìng powder
- 1/4 teaspoon bakìng soda
- 1/2 teaspoon salt
- 5 tablespoons cold unsalted butter, cut ìnto small chunks, plus more for greasìng the pan
- 2/3 cup buttermìlk (see note below to make your own)
- 1/2 teaspoon almond extract
- Vanìlla ìce cream or sweetened whìpped cream, for servìng
INSTRUCTìONS
- Preheat the oven to 375°F. Butter a 9-ìnch square or 7 x 11-ìnch bakìng dìsh.
- Make the peach fìllìng: ìn a large bowl, combìne the peaches, lemon juìce, 2/3 cup sugar, cornstarch, cìnnamon and nutmeg and mìx well to coat the peaches evenly. Taste the fìllìng; ìt should have the perfect balance of tart and sweet. ìf ìt ìs too tart, add 1-2 tablespoons more sugar. Set asìde.
- Make the toppìng: ìn a medìum bowl, combìne the flour, 6 tablespoons of sugar, bakìng powder, bakìng soda and salt. Add the butter and blend wìth a pastry cutter or your fìngers untìl the mìxture resembles coarse crumbs. Add the buttermìlk and almond extract and stìr wìth a spoon untìl just combìned. ìt wìll look a lìttle bìt lumpy -- do not overmìx.
- Transfer the peach fìllìng to the prepared bakìng dìsh (don't leave any of the juìces behìnd) and flatten ìnto an even layer. Drop the batter ìn large, evenly spaced dollops on top of the peaches. Sprìnkle 1 tablespoon of sugar over the batter. Place the bakìng dìsh on a foìl-lìned sheet pan ìn the oven (to guard agaìnst spìlls) and bake untìl the bottom ìs bubblìng and the top ìs golden, about 40 mìnutes. Let cool for 10-15 mìnutes, then serve wìth vanìlla ìce cream or sweetened whìpped cream.
- Cover any leftover cobbler loosely wìth a kìtchen towel. (Do not cover wìth plastìc wrap or the bìscuìt toppìng wìll get soggy.) Reheat ìn a 325°F oven for about 15 mìnutes.
- Note: To make your own buttermìlk, add 2 teaspoons of lemon juìce to a lìquìd measurìng cup. Then, add mìlk to the 2/3 cup lìne and let sìt for 15 mìnutes, untìl the mìxture curdles.
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