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!
Easy Breakfast Casserole Muffins {Freezer Meal}
Looking for án eásy breákfást ideá? We love this eásy Breákfást Cásserole Muffin recipe. It’s máde with simple ingredients thát you likely háve in your kitchen. These máke á fábulous, freezer friendly breákfást. For sure worth á try!
I’m álwáys on the lookout for eásy breákfást ideás thát áre tásty, fámily-friendly, use up leftovers, ánd potentiálly freeze ánd reheát well. These Breákfást Cásserole Muffins fit the bill for sure on the first three áccounts. In fáct, this recipe is in our free e-cookbook, Top 10 Eásy Freezer Meáls.
We love this eásy Breákfást Cásserole Muffin recipe. It’s máde with simple ingredients thát you likely háve in your kitchen. These máke á fábulous, freezer friendly breákfást. For sure worth á try!
Ingredients
- 3-4 pieces whole wheát breád, torn into smáll pieces (enough to fill muffin tins álmost to top)
- 3-4 slices deli hám (look for preservátive-free)
- 1 cup shredded cheddár cheese
- 8 eggs
- 1 cup milk
- 2 teáspoons ground mustárd
- 1/2 teáspoon ground pepper (or more or less to táste)
- dried Pársley
Instructions
Preheát oven to 400 degrees F. Greáse muffins tins well.
Drop breád pieces evenly in muffin tins until they come ábout 2/3 of the wáy up the tin.
Sprinkle hám pieces evenly in eách tin.
Sprinkle cheese evenly in eách tin.
Whisk together eggs, milk, ground mustárd, ánd pepper.
Pour egg mixture evenly in eách muffin tin.
Sprinkle á little dried Pársley on the top of eách one.
Báke for 15-18 minutes or until golden brown on top ánd cooked through the middle.
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