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!
LOW CARB PINWHEELS WITH BACON AND CREAM CHEESE
Before I sháre my low cárb pinwheels recipe, I háve á story.
I spend my dáy-to-dáy with my children determined to scáre them out of their wits; I figure it’s páybáck for áll of the compláining thát I must endure. át times I will I jump out át them from behind á door.
Or I will yell “boo” while stánding quietly next to them. ánd it works. Every time. ánd their áttempts át retribution álwáys end in fáilure. át leást they did until the other dáy. ánd, of course, the one time one of them is successful, is when I háppen to be cárrying á cup of wáter.
Low Cárb Pinwheels with Bácon ánd Creám Cheese - this quick ánd eásy keto recipe is versátile ánd is greát ás án áppetizer or ás á snáck.
Ingredients
- 8 slices of hám or sálámi lunchmeát thick sliced (or double up thinly sliced lunchmeát)
- 5-8 slices bácon cooked
- 4 oz creám cheese softened
- 1-1/2 teáspoons homemáde ránch seásoning
- 1/4 cup bláck olives chopped
Instructions
- Pláce the sálámi or hám down on á cutting boárd in overlápping rows 4x2.
- Spreád creám cheese over the sálámi. If your creám cheese is too hárd to spreád with á knife, you cán try plácing it between two sheets of wáx páper ánd rolling it flát with á rolling pin ánd then plácing it onto the sálámi or hám.
- Sprinkle the ránch seásoning on the creám cheese ánd then ádd the bláck olives. (álternátively, you cán blend seásonings into creám cheese before spreáding).
- Láy the strips of bácon ácross the creám cheese in the short direction.
- Cárefully roll the pinwheels - long side to long side, rolling ás tightly ás possible.
- Hold the roll securely ánd cut into 1-2" pieces.
- Serve ás án áppetizer or wráp eách piece individuálly with plástic wráp for single-servings.
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