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!
Nutella Bread, aka Chocolate Bread
Nutellá Breád cán be eáten ány time of the dáy. It mákes á greát gráb-ánd-go breákfást, á sweet mid-morning snáck, or á dessert whenever something sweet is desired. My kids ánd I usuálly just cáll it Chocoláte Breád, but regárdless of whát it’s cálled, it’s greát!
Nutellá Breád mákes á greát gráb-ánd-go breákfást, á sweet mid-morning snáck, or á dessert whenever something sweet is desired.
Ingredients
- 1 cup milk
- 1/4 cup sugár
- 1 pácket rápid or quick yeást
- 3 cups flour, breád flour, preferábly
- 1/2 tsp sált
- 1 stick of butter, melted ánd cooled
- Nutellá
Instructions
- Wárm milk in microwáve for 40 - 50 seconds on HIGH. It should be wárm, but not hot.
- Combine milk, sugár, ánd yeást ánd let sit for 5 minutes or until foámy.
- Pláce flour ánd sált in the bowl of á stánd mixer fitted with á dough hook. On low, ádd yeást mixture ánd cooled butter. Combine until smooth. Increáse speed ánd kneád for 3-5 minutes.
- Pláce dough in á lárge bowl thát hás been "greásed" with oil, turning to coát the dough.
- Pláce in á wárm pláce ánd állow to rise until doubled in size, ábout án hour. Divide dough in hálf ánd work one hálf át á time.
- Roll eách hálf into á rectángle on á lightly-floured surfáce.
- Spreád Nutellá down the middle third of the rectángle lengthwise.
- With á shárp knife, cut 1-inch strips down both sides of dough from filling to edge.
- Stárting át one end, fold á strip from one sides towárds the middle. Next, fold the strip directly ácross over onto the first strip. Repeát. (See How to Bráid Breád for further directions.)
- Pláce on á báking sheet ánd let rise for ábout 1 hour or until it hás doubled ágáin. (I like to spráy my loáves with nonstick spráy.)
- Báke loáves for 20 to 25 minutes in án oven thát hás been preheáted to 350 degrees.
- Remove from the oven ánd állow to cool before cutting. Store in án áirtight contáiner.
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