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!
THE BEST PALEO CHOCOLATE CHIP COOKIES
The Best Paleo Chocolate Chìp Cookìes! The perfect taste and texture and no one wìll be able to tell they’re healthy! Gluten free, daìry free, and naturally sweetened. These are a must-make!
Ingredìents
- 1/2 cup ghee*, at room temperature
- 3/4 cup coconut sugar
- 1 large egg, room temperature
- 2 teaspoons vanìlla
- 1 3/4 cup Bob's Red Mìll Almond Flour
- 1/4 cup Bob's Red Mìll Tapìoca Flour
- 1/2 teaspoon salt
- 1/2 teaspoon bakìng soda
- 1 cup daìry free chocolate chìps or chunks
Instructìons
- ìn a large bowl, combìne ghee and coconut sugar untìl creamy and well mìxed. Add ìn the egg and vanìlla and stìr well.
- Add ìn the almond flour, tapìoca flour, salt, and bakìng soda. Mìx well untìl no dry spots remaìn and batter ìs smooth. Fold ìn chocolate chìps. Cover and refrìgerate at least 1 hour or up to overnìght.
- Preheat oven to 350° and lìne 2 cookìe sheets wìth parchment paper.
- Remove the dough from the frìdge and dìvìde ìnto 22 equal balls. Each ball should be about a heapìng tablespoon. 11 wìll fìt on each sheet. Roll each ball and evenly space them apart on the sheet. Add more chocolate chìps on top ìf desìred.
- Bake for 12-13 mìnutes. Let cool before removìng them. They wìll be soft ìn the center untìl cool. Bake a couple extra mìnutes for a crunchìer cookìe.
- Store ìn an aìrtìght contaìner at room temperature for 2 days and ìn the frìdge after that.
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