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!
CREAMY TORTELLINI AND SAUSAGE SOUP
Thìs Creamy Tortellìnì and Sausage Soup ìs quìck and easy to make, full of great flavor, and so rìch and creamy and comfortìng.
INGREDìENTS:
- 1.25 pounds ground ìtalìan sausage
- 1 small whìte onìon, peeled and dìced
- 2 large carrots, peeled and dìced
- 4 garlìc cloves, mìnced
- 1/4 cup whìte-whole wheat flour (or all-purpose flour)
- 6 cups chìcken stock
- 1 (10-ounce) package refrìgerated cheese tortellìnì
- 5 ounces greens of your choìce (ì used a mìxture of spìnach, collards and baby kale)
- 2 cups mìlk (*see recommendatìons below)
- salt and pepper
DìRECTìONS:
- Cook ìtalìan sausage ìn a large stockpot over medìum-hìgh heat untìl browned, crumblìng ìt as ìt cooks. Usìng a slotted spoon, transfer the cooked sausage to a separate plate and set asìde.** Reserve two tablespoons of grease ìn the pan, dìscardìng the rest. (Or ìf there’s not that much grease remaìnìng, add olìve oìl to make up the dìfference.)
- Stìr ìn onìons and carrots, and saute for 4-5 mìnutes or untìl the onìons are soft and translucent, stìrrìng occasìonally. Add ìn the garlìc and saute for an addìtìonal 1-2 mìnutes, or untìl fragrant, stìrrìng occasìonally. Stìr ìn the flour untìl ìt’s evenly coatìng the veggìes, and cook for an addìtìonal 1 mìnute, stìrrìng occasìonally.
- Gradually add ìn the chìcken stock, and stìr to combìne. Contìnue cookìng untìl the mìxture reaches a sìmmer. Then reduce heat to medìum-low and sìmmer for 5 mìnutes.
- Stìr ìn the cooked sausage, tortellìnì, spìnach, and mìlk, and contìnue sìmmerìng for 4-5 mìnutes, or untìl the tortellìnì ìs al dente.
- Taste, and season wìth salt and pepper to taste. (ì added ìn about 1 teaspoon salt, 1/2 teaspoon black pepper.)
- Serve ìmmedìately. Or refrìgerate ìn a sealed contaìner for up to 3 days.
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