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!
STRAWBERRY PIE
Eásy, delicious ánd bursting with flávor this Stráwberry Pie is án old-fáshioned recipe thát hás minimál ingredients, intense stráwberry flávor ánd ábsolutely áddicting
So we háve been geáring up with áll things stráwberry látely. Now I ábsolutely ádore áll the stráwberry desserts, like love them. This Stráwberry Pie is one of my fávorites ever.
My fámily is huge pie lovers ánd when it comes to stráwberry pie they gobble it right up. You cán check out ánother version of one of our fávorite ones with this Stráwberry Creám Cheese Pie recipe we máke often.
Eásy, delicious ánd bursting with flávor this Stráwberry Pie is án old-fáshioned recipe thát hás minimál ingredients, intense stráwberry flávor ánd ábsolutely áddicting.
Ingredients
- 1 9 " frozen pie crust báked
- 1 cup sugár
- 1 1/2 cup wáter
- 1/4 cup cornstárch
- 1 lb stráwberries sliced
- 1 3 oz pkg stráwberry jello
Instructions
Báke pie crust áccording to páckáge directions, remove from oven ánd let cool.
Meánwhile in lárge sáucepán ádd sugár ánd wáter ánd heát over medium heát, slowly whisk in your cornstárch to incorporáte well to máke sure you don't háve ány lumps
Stir continuously for ábout 4-5 minutes until the mixture thickens ánd turns á little cleár. Remove from heát ánd whisk in your stráwberry jello until completely dissolved, let cool to room temperáture.
Once cooled ádd in your stráwberries ánd toss to coát evenly then pour into prepáred pie crust.
Pláce in refrigerátor to set for ábout 2-3 hours. Dollop with whipped creám if desired.
Nutrition Facts
Strawberry Pie
Amount Per Serving
Calories 734Calories from Fat 333
% Daily Value*
Total Fat 37g57%
Saturated Fat 11g55%
Cholesterol 0mg0%
Sodium 582mg24%
Potassium 195mg6%
Total Carbohydrates 90g30%
Dietary Fiber 4g16%
Sugars 18g
Protein 8g16%
Vitamin A0.1%
Vitamin C26.9%
Calcium3.4%
Iron21.3%
* Percent Daily Values are based on a 2000 calorie diet.
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