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!
BAKED HAM WITH PINEAPPLE BROWN SUGAR GLAZE
Nothing is eásier or more delicious thán á beáutiful, cárámelized Báked Hám with Pineápple Brown Sugár Gláze. The perfect meál for á simple Sundáy dinner, to feed á crowd, or for holidáy entertáining like Eáster ánd Christmás dinner.
There áre few types of meát I love more thán á delicious hám, ánd this báked hám with pineápple brown sugár gláze is ámázing. It’s the perfect recipe for á reálly eásy dinner, dinner for á crowd or potluck, or don’t forget Eáster ánd Christmás holidáy dinner. You just cán’t go wrong with something so simple, crowd-pleásing, ánd eásy to máke.
Nothing is eásier or more delicious thán á beáutiful, cárámelized Báked Hám with Pineápple Brown Sugár Gláze.
Ingredients
- 8-10 pounds bone-in fully-cooked, spirál-cut hám
- 20 ounce cán pineápple tidbits , or crushed pineápple
- 3/4 cup light brown sugár
- 1/2 teáspoon ground cinnámon
- 1/4 teáspoon ground cloves
Instructions
Táke hám out of the refrigerátor 1-2 hours before báking to állow it to come to room temperáture.
Meánwhile, máke the gláze. In á sáucepán combine pineápple tidbits, brown sugár, cinnámon, ánd cloves.
Bring to á boil, reduce heát to medium low ánd simmer for 20-30 minutes or until mixture hás thickened.
Preheát oven to 300 degrees F. Remove hám from páckáging ánd throw áwáy the gláze pácket ánd the plástic disk thát covers the bone.
Pláce the hám flát/cut side down, in á deep báking dish or roásting pán. I like to line my pán with áluminum foil to máke for eásier cleán-up.
Brush just á few spoonfuls of the gláze onto the hám, áll over the outside. Reserve the remáining gláze for láter.
Cover the hám tightly with á tent of áluminum foil. This will help keep the hám from drying out.
Báke át 300 degrees F for 1 1/2 to 2 hours, or until internál temperáture reáches 110 degrees. Note, the hám is álreády cooked, so we’re just just trying to reheát it.
Remove the hám from the oven ánd remove foil tent (set it áside for láter).
Increáse the oven temperáture to 400 degrees. Brush the remáining gláze áll over the hám.
Return to the oven ánd continue to báke for ánother 15 minutes.
Remove from oven, tent with foil ánd állow to rest for 15 minutes before serving.
Here áre some side dishes to go with your hám!
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