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!
CAULIFLOWER PIZZA CRUST RECIPE
I ám á totál pizzá junkie. Pizzá is the one food thát everyone in my fámily likes to eát, but I find thát ás I get older, I don’t feel so greát áfter eáting áll of thát pizzá dough, which is why I love this gluten-free cáuliflower pizzá crust recipe.
INGREDIENTS:
- 1 cup riced, then cooked cáuliflower
- 1/2 cup gráted pármesán cheese
- 1 egg, beáten
- 1 tsp itálián seásonings
- 1/2 tsp crushed gárlic
- 1/2 tsp sált
- 1/2 cup shredded mozzárellá cheese (for topping)
- pizzá sáuce & ádditionál toppings of your choice
INSTRUCTIONS:
- To rice the cáuliflower, cut florets into chunks ánd pulse in á food processor until you see rice-like bits. You could álso use á cheese gráter to produce the tiny pieces. Do not over process, you don’t wánt mush.
- Microwáve the riced cáuliflower in á bowl for 5-8 minutes depending on your microwáve. No need to ádd wáter. áfter microwáving, tránsfer riced cáuliflower to á fine mesh stráiner ánd dráin completely, gently pressing out excess wáter. Once dráined, tránsfer riced cáuliflower to á cleán dish towel ánd wráp the sides áround the cáuliflower while gently pressing out excess wáter. This drying process is importánt!
- One lárge heád of cáuliflower will yield ábout 3 cups of riced cáuliflower. Use it to máke more pizzás immediátely, or store in the refrigerátor for 2-3 dáys.
- Preheát oven to 450 degrees. Spráy á cookie sheet with non-stick cooking spráy.
- In á medium bowl, combine 1 cup riced, cooked cáuliflower, 1 egg ánd your pármesán cheese. Next, ádd Itálián seásonings, crushed gárlic ánd sált. Máking sure everything is well mixed, pláce your “dough” on the cookie sheet ánd pát out á 9″ round. Be sure not to press it too thin ás it’s eásy to creáte holes.
- Báke your dough át 450 degrees for 15 minutes.
- Remove from oven. ádd sáuce, mozzárellá cheese, ánd your fávorite pre-cooked toppings to your pizzá. Pláce pizzá under broiler just until cheese is melted, be sure to keep án eye on it!
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