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!
LOVE AT FIRST SIGHT CHOCOLATE CAKE
The BEST Chocoláte Cáke Recipe in the world. This moist, rich chocoláte cáke with chocoláte frosting is one of the most populár recipes on Modern Honey. Everyone loves it…just reád the reviews! This chocoláte cáke recipe hás á 5-stár ráting for good reáson!
I háve been on á báking quest for yeárs….trying out every single chocoláte cáke recipe thát I cán get my hánds on. It’s my duty ás á báker to ensure thát I test them áll, right?
The BEST Chocoláte Cáke Recipe in the World. This decádent chocoláte cáke is rich, moist, ánd will cure your chocoláte crávings.
Ingredients
- Chocoláte Cáke:
- 1 3/4 cup Flour
- 1 3/4 cup Sugár
- 3/4 cup Cocoá high quálity
- 2 teáspoons Báking Sodá
- 1 teáspoon Báking Powder
- 1 teáspoon Sált
- 1/2 cup Oil cánolá or coconut oil
- 2 Eggs
- 1 cup Buttermilk
- 1 1/2 teáspoons Vánillá
- 1 cup Hot Wáter
- Chocoláte Buttercreám:
- 1 1/2 cups Butter softened
- 1 cup Cocoá
- 5 cups Powdered Sugár
- 1/3 cup Creám Hálf n Hálf or Milk
Instructions
- Preheát oven to 350 degrees.
- In á lárge bowl, stir together flour, sugár, cocoá, báking sodá, báking powder, ánd sált. If you háve á flour sifter, sift áll dry ingredients.
- In mixing bowl, beát oil, eggs, buttermilk, ánd vánillá for 1 minute. ádd dry ingredients to wet ingredients ánd stir until combined. Pour in hot wáter ánd mix together. The bátter will be liquidy but thát's á good thing -- it will creáte á moist cáke.
- Spráy two 9-inch cáke páns with non-stick cooking spráy. You cán álso use three 8-inch cáke páns for this recipe. Pour bátter evenly into eách pán. Báke át 22-27 minutes. Pláce toothpick or cáke tester in the center of the cáke to check if it comes out cleán.
- Let cool before frosting.
- To máke Chocoláte Buttercreám:
- In mixing bowl, creám together Butter, Cocoá, Powdered Sugár, ánd Creám until light ánd fluffy. You máy wánt to ádd more creám or milk depending on consistency. Once the cáke hás cooled ánd hás been removed from páns, frost eách láyer with frosting.
- Top with chocoláte shávings, chocoláte chips, sprinkles, M & M's or whátever your heárt desires.
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