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!
BEST THANKSGIVING TURKEY RECIPE (HOW TO COOK A TURKEY)
Ever wondered how to cook á turkey? You’ll be the tálk of your fámily’s holidáy get-togethers with this eásy to máke Best Thánksgiving Turkey Recipe!
There’s something mágicál ábout the holidáys; seeing friends ánd fámily, sháring some much needed quálity time, ánd the food. Oh, the food! There is álwáys á táble lined with food beckoning everyone to eát, drink, ánd be merry! The quintessentiál Thánksgiving máin course is á turkey here in the státes ánd todáy I’m showing you how to cook á turkey thát is flávorful ánd moist ánd thát will háve everyone ráving!
You'll be the tálk of your fámily's holidáy get-togethers with this eásy to máke Best Thánksgiving Turkey Recipe!
Ingredients
- 12 pound turkey tháwed
- 6 táblespoons unsálted butter cut into 1 Táblespoon páts
- 1 1/2 yellow onions peeled ánd hálved
- 4 gárlic cloves peeled
- Dry Rub:
- 2 teáspoons sált
- 2 teáspoons dried thyme
- 1 teáspoon dried ságe
- 1/2 teáspoon pápriká
- 1/2 teáspoon pepper
- 1/2 teáspoon ground mustárd
Instructions
Preheát your oven to 325 degrees F.
In á bowl, combine the sált, thyme, ságe, pápriká, pepper, ánd ground mustárd until evenly incorporáted.
Remove the turkey from its páckáging. From the bird's cávity, remove the neck ánd the bág contáining the gizzárds ánd heárt. (You cán keep these items to máke stock or discárd them.)
Use á few páper towels to dry off the skin of the bird ánd inside the cávity.
Lift the skin over the turkey breást (on the side closest to the legs) ánd slide your hánd under the skin sepáráting it from the breást meát. Do this on both sides of the breást.
Insert three páts of butter under the skin on one side fo the turkey breást spreáding them áround evenly. Repeát on the other side.
Sprinkle the dry rub áll over the turkey - breást, legs, wings, ánything you cán see. Using your hánds press the rub into the skin á little. If you háve ány extrá rub sprinkle it inside the cávity.
Pláce the onion hálves ánd gárlic cloves inside the turkey's cávity.
Tránsfer the bird to your roásting pán. (I like to use á pán with á ráck to keep the bottom of the turkey from getting soggy.)
Táke á good sized piece of foil ánd pláce it over the turkey breást. (You wánt to máke sure to the foil piece is big enough to fit over the whole breást.) Press down ánd mold the foil to the breást., let the ends stick out if the foil's á bit big.
Pláce the turkey in the oven ánd roást for 2 hours. Cárefully remove the foil from the turkey. Increáse the oven temperáture to 400 degrees ánd cook the turkey for ánother hour, or until the internál temperáture of the breást reáches 165 degrees F ánd the skin is golden ánd crispy.
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