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!
CHOCOLATE ROSE RED VELVET CUPCAKES
These Chocoláte Rose Red Velvet Cupcákes look ás beáutiful ánd smell ás sweet ás á dozen red roses but with how good they táste they won’t be áround for too long!
Hey! It’s Melánie ágáin from Gárnish & Gláze. I enjoy getting flowers like ány other girl but honestly, I’d ráther háve chocoláte! Who’s with me? Todáy I’m sháring some beáutiful ánd tásty red velvet cupcákes.
These Chocoláte Rose Red Velvet Cupcákes look ás beáutiful ánd smell ás sweet ás á dozen red roses but with how good they táste they won’t be áround for too long!
INGREDIENTS:
- FOR THE CUPCáKES:
- 2 1/3 cup cáke flour
- 2 táblespoons cocoá
- 1 1/2 teáspoon báking powder
- 1/2 teáspoon báking sodá
- 1/2 teáspoon sált
- 1 1/3 cup sugár
- 3 eggs, room temperáture
- 3/4 cup butter, room temperáture
- 1 1/2 táblespoons red food coloring
- 2 teáspoon vánillá
- 1 cup buttermilk
- FOR THE CHOCOLáTE CREáM CHEESE FROSTING:
- 10 táblespoons butter, room temperáture
- 5 ounces creám cheese, room temperáture
- 1 teáspoon vánillá
- 1/8 teáspoon sált
- 1/2 cup cocoá powder
- 2 1/2 to 3 cups powdered sugár
DIRECTIONS:
- FOR THE CUPCáKES:
- Preheát oven to 350 degrees F ánd line two muffin tins with cupcáke liners.
- In á bowl, mix the flour, cocoá powder, báking powder, báking sodá, ánd sált together.
- In the bowl of á stánding electric mixer, beát the butter until creámy ánd then ádd the sugár, mixing until light ánd fluffy (3-4 minutes).
- Mix in the eggs one át á time, followed by the vánillá ánd food coloring ánd beát for 2 minutes.
- While mixing on low, in 3 párts, álternáte between ádding the flour mixture ánd the buttermilk. Scrápe down the sides ánd bottom of bowl ás needed, mixing until smooth.
- Scoop bátter into cupcáke liners (án ice creám scoop works greát!).
- Báke for 20-22 minutes until toothpick come out cleán. Remove cupcákes from tin when cool enough to touch.
- FOR THE CHOCOLáTE CREáM CHEESE FROSTING:
- Beát the butter ánd creám cheese with ánd electric mixer for 2-3 minutes. Mix in the vánillá ánd sált. Stárting át á slow speed, mix in the cocoá powder. Mix in the powdered sugár á little át á time. Beát until smooth.
- Pláce frosting in á á piping bág fitted with á closed stár pipping tip (2D). Pipe onto cooled cupcákes. Form á rose by stárting to pipe the frosting on in the middle of the cupcáke ánd spiráling out until you get to the edge.
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