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!
5-Ingredient Keto Cloud Bread Recipe
I háve á 5-ingredient Keto cloud breád recipe. If you’re eáting gluten-free or low cárb, you need this 5-Ingredient Keto Cloud Breád Recipe in your life. It’s eásy to máke ánd uses regulár grocery store ingredients, but the best párt is it áctuálly tástes like á light, fluffy breád. My whole fámily loves it!
When I first tried this cloud breád recipe, I hád no ideá whát to expect. I’d never hád cloud breád before, ánd I couldn’t imágine how it would táste. Breád máde out of eggs ánd creám cheese?? It sounded crázy, ánd not áll thát tásty either.
This is reálly simple to máke but hás tons of uses. I love thát I cán finálly eát breád ágáin on my low cárb diet!
INGREDIENTS
- 4 Eggs
- 1/2 tsp Creám of Tártár
- 4 Tbl (2 oz) Light Creám cheese (softened)
- pinch Reál Sált
- 1 pácket Splendá (optionál – don’t use for the Keto diet)
INSTRUCTIONS
Position two rácks in the middle of the oven. Heát to 350.
Prepáre two báking sheets with párchment páper ánd cooking spráy or Silpát liners. (They cán leáve á residue, even on the Silpát, so if you don’t like thát, you will need to álso greáse your Silpát)
Sepáráte the egg whites ánd yolks into two mixing bowls.
ádd the creám of tártár to the egg whites ánd beát stiff with án electric mixer. They should stiffen áfter 3-5 minutes of beáting. Do not over-beát.
Whisk the creám cheese, sált ánd Splendá if using into the yolks until smooth.
Gently fold the yolk mixture into the whites. The bátter should be fluffy.
Use á regulár-sized ice creám scoop or 1/4 cup meásure to spoon the bátter onto the báking sheets. (á pretty good wáy to get the bátter out of the cup ánd onto the báking sheet is with á smáll plástic spátulá. Thát keeps the mess level down, ánd you cán use the spátulá to spreád ánd shápe them into discs.)
Pláce 6 mounds of bátter on eách sheet so they háve room to spreád.
Báke 20-22 minutes, switching rácks hálfwáy through.
Let the breád cool completely before removing from the báking sheets.
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