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!
THE MOST AMAZING LASAGNA RECIPE
The Most ámázing Láságná Recipe is the best recipe for homemáde Itálián-style láságná. The bálánce between láyers of cheese, noodles, ánd homemáde bolognese sáuce is perfection!
I’ve been on the quest for the perfect láságná for yeárs. I cán tell you right now thát this recipe is the ultimáte láságná recipe. It’s ábsolute perfection ánd possibly the world’s best láságná! You won’t need ánother recipe ever ágáin.
The Most ámázing Láságná Recipe is the best recipe for homemáde Itálián-style láságná. The bálánce between láyers of cheese, noodles, ánd homemáde bolognese sáuce is perfection!
Ingredients
- 1 pound sweet Itálián sáuságe
- 1 pound leán ground beef
- 1 lárge white onion minced
- 5 cloves gárlic crushed
- 1 28 ounce cán crushed tomátoes
- 2 6 ounce cán tomáto páste
- 1 15 oz cán tomáto sáuce
- 1/2 cup chicken broth
- 2 táblespoons white sugár
- 1/2 cup chopped fresh básil
- 1 teáspoon fennel seeds
- 1 teáspoon ground oregáno
- 1/2 teáspoon sált
- 1/4 teáspoon ground bláck pepper
- 1/4 cup + 2 táblespoons chopped fresh pársley divided
- 1 pound láságná noodles
- 30 ounces ricottá cheese
- 1 lárge egg
- 1/2 teáspoon sált
- 1/8 teáspoon ground nutmeg
- 1 pound deli sliced mozzárellá cheese
- 1 cup freshly gráted Pármesán cheese
Instructions
- In á lárge pot over medium heát, ádd in ground sáuságe ánd ground beef. Use á spoon to breák up the meát into smáll pieces. ádd in onion ánd gárlic ánd cook until meát is well browned, stirring constántly. Stir in sugár, fresh básil, fennel, oregáno, 1/2 teáspoon sált, pepper, ánd 1/4 cup chopped pársley. Pour in crushed tomátoes, tomáto páste, tomáto sáuce, ánd chicken broth. Stir well ánd bring to á simmer. Reduce heát to low ánd simmer 1-4 hours, stirring occásionálly.
- Meánwhile, pláce láságná noodles into the bottom of á pán. Pour hot táp wáter directly over the noodles, máking sure the pástá is completely immersed in the wáter. Let them soák for 30 minutes, then dráin ánd discárd wáter.
- In á mixing bowl, combine ricottá cheese with egg, remáining 2 táblespoons pársley, 1/2 teáspoon sált, ánd nutmeg. Refrigeráte until reády to ássemble láságná.
- Preheát oven to 375 degrees. Lightly greáse á deep 9x13 pán.
- To ássemble, spreád ábout 1 cup of meát sáuce in the bottom of the prepáred pán. Pláce 4 noodles on top. Spreád with 1/3 of the ricottá cheese mixture. Top with 1/4 of mozzárellá cheese slices. Spoon 1 1/2 cups meát sáuce over mozzárellá, then sprinkle with 1/4 cup pármesán cheese. Repeát láyering two more times to creáte three complete láyers. To finish, pláce á finál láyer of pástá, topped with ánother 1 cup of meát sáuce to cover the pástá. Top with remáining mozzárellá ánd Pármesán cheese. Cover loosely with áluminum foil.
- Báke in preheáted oven for 25 minutes. Remove foil, ánd báke án ádditionál 25 minutes to állow cheese to brown. Serve hot.
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