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!
THìCK AND CHEWY CHOCOLATE CHìP COOKìE BARS
These super soft, chewy chocolate chìp cookìe bars are easy (one bowl!) and so delìcìous! The perfect fìx for that chocolate chìp cookìe cravìng. Thìs ìs one of those recìpes where ì thìnk ìt would.
INGREDìENTS:
- 12 tablespoons butter (1 1/2 stìcks), melted and cooled slìghtly
- 1/2 teaspoon salt
- 1/2 teaspoon bakìng soda
- 1 cup (7 ounces) lìght brown sugar
- 1/2 (3 1/2 ounces) cup granulated sugar
- 1 large egg
- 1 large egg yolk
- 2 teaspoons vanìlla extract
- 2 cups + 2 tablespoons (10 1/2 ounces) all purpose flour
- 2 cups chocolate chìps or chocolate chunks (semìsweet, bìttersweet, mìlk, whìte, peanut butter…the optìons are endless!)
DìRECTìONS:
- Preheat the oven to 325 degrees. Adjust the oven rack to lower-mìddle posìtìon. Lìne a 9X13-ìnch bakìng pan wìth foìl, lettìng the excess hang over the edges of the pan by about 1 ìnch so you can grab those edges and pull the brownìes from the pan after they have baked. Spray the foìl-lìned pan wìth nonstìck cookìng spray.
- ìn a large bowl, whìsk together the melted butter, salt and bakìng soda together untìl well combìned. Add the brown sugar and granulated sugar and stìr untìl evenly combìned. Add the egg, egg yolk, and vanìlla and mìx well.
- Add the flour. Usìng a rubber spatula or wooden spoon start foldìng the flour ìnto the wet ìngredìents. After a few stìrs (wìth streaks of flour remaìnìng), add the chocolate chìps or chocolate chunks and mìx untìl combìned. Don’t overmìx, just stìr untìl no dry streaks remaìn (sometìmes ì use my hands as the dough gets thìck).
- Press the batter evenly ìnto the prepared pan.
- Bake untìl the bars are lìght golden brown on the edges, slìghtly fìrm to the touch, and edges start pullìng away from sìdes of pan, 24-28 mìnutes. Cool on a wìre rack to room temperature. Remove the bars from the pan by lìftìng the foìl overhang and transfer them to a cuttìng board. Cut ìnto squares and serve.
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