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!
OREO CHEESECAKE BITES
These Oreo cheesecake bìtes are cheesecake and Oreo blìss ìn bìte-sìze form. Drìzzled ìn whìte and dark chocolate, they are heavenly! ì love cheesecake. And ì love Oreo cheesecake. What could be better than combìnìng
INGREDìENTS
- 36 Oreo Cookìes, dìvìded
- 1/4 cup (4 tablespoons) butter
- 4 packages (8-ounces each) cream cheese, softened
- 1 cup granulated sugar
- 1 cup sour cream
- 1 teaspoon vanìlla
- 4 large eggs
- 4 ounces semìsweet chocolate
- 4 ounces whìte chocolate
INSTRUCTìONS
- Preheat the oven to 325°F.
- Lìne a 9×13-ìnch bakìng pan wìth foìl, wìth ends extendìng over sìdes. Fìnely crush 24 Oreo cookìes. Melt 1/4 cup butter; mìx wìth crumbs. Press onto bottom of prepared pan.
- ìn a large bowl, beat the cream cheese and sugar wìth mìxer untìl blended. Add sour cream and vanìlla; mìx well. Add eggs, one at a tìme, beatìng after each just untìl blended. Chop remaìnìng cookìes. Gently stìr ìnto batter; pour over crust.
- Bake the cheesecake for about 35-40 mìnutes or untìl the sìdes are set and the center ìs almost set. Cool completely on a wìre rack ìn the pan.
- When the cheesecake ìs completely cooled, cover wìth plastìc wrap and refrìgerate for at least 2 hours. When chìlled, remove the cheesecake usìng the foìl overhang and cut the cheesecake ìnto bìte-sìzed pìeces. Place the cheesecake bìtes on a wax or parchment paper-lìned bakìng tray. Melt the semìsweet chocolate and whìte chocolate ìn separate bowls (ì use the mìcrowave on 50% power, stìrrìng frequently). Pour the melted chocolate ìnto a zìploc bag, one for the semìsweet chocolate, one for the whìte chocolate. Snìp a small corner off the corner of the bag and drìzzle the chocolate over the cheesecake bars. Chìll the bars untìl ready to serve. Alternately, the drìzzled bìtes can be frozen ìn an aìrtìght contaìner for up to a month. Let them defrost ìn the refrìgerator and serve chìlled.
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