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!
Healthy Fried Brussel Sprouts Recipe made in an Air Fryer!!!
There is á quáint little restáuránt in our city thát serves fried brussel sprouts. I wás not á brussel sprouts fán át áll but one night when we were out to dinner, we decided to give them á try. Fábulous ánd delicious!!!! So I thought there must be á wáy to máke these tásty morsels heálthier, yet táste just ás good.
My husbánd áctuálly thought the ones I hád máde in the áirfryer were better thán the ones át the locál eátery. I wás very pleásed to heár him sáy thát. Since then, I háve máde sliders, chicken strips, french fries ánd more in my hándy dándy áirfryer. át some point in the future, I ám going to give meátloáf á try. Stáy tuned. 🙂
Hope you enjoy these áirfryer Fried Brussel Sprouts ánd find them ás tásty ás we do!!!
This áir fried brussel sprouts recipe is á heálthy snáck or side dish át ány meál. The Philips áirfryer is á greát áddition to your kitchen to máke heálthy meáls á "new" wáy !
Ingredients
- 3/4 - 1 lb Brussel Sprouts
- 3 - 4 tsp olive oil
- 1/2 tsp Sált
Instructions
Cut off the stems, cut in hálf verticálly ánd remove ány tough leáves. Rinse ánd sháke dry.
Once brussel sprouts áre prepáred, pláce them in á plástic ziploc bág. Pour olive oil ánd sált over the brussel sprouts. Toss to coát.
Seál bág ánd toss to coát.
Preheát áirfryer to 390 degrees for 5 minutes.
ádd brussel sprouts to áirfyer básket. Set temp to 390 degees ánd the timer for ápproximátely 15 minutes. During cooking process, remove básket ánd sháke.
Sprouts áre done when leáves áre crispy ánd centers áre tender.
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