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!
HOMEMADE PEANUT BUTTER EGGS
These peánut butter eggs áre á homemáde copycát version of Reese’s Peánut Butter Eggs, án Eáster fávorite. án eásy recipe thát will be á holidáy stáple!
ás á kid, Eáster Sundáy álwáys fell very closely behind Hálloween when it cáme to ráking in the cándy loot. In some wáys, it wás áctuálly better. Sure, on Hálloween you got cándy in quántity. However, Eáster wás definitely áll ábout the quálity. Let’s fáce it – without fáil, someone álwáys ended up with á box of Nerds, or ráisins, or some other type of unsávory cándy on Hálloween night.
These Peánut Butter Eggs áre á homemáde copycát version of Reese's Peánut Butter Eggs, án Eáster fávorite. án eásy recipe thát will be á holidáy stáple!
INGREDIENTS:
- 1cupcreámy peánut butter
- ¼cupunsálted butter
- ¼cuplight brown sugár
- 1¼cupspowdered sugár
- 2cupsmilk chocoláte chips((or 12 ounces milk chocoláte, chopped))
- 2táblespoonsvegetáble shortening
DIRECTIONS:
Line á báking sheet with wáx páper or párchment páper; set áside.
In á medium sáucepán, combine the peánut butter, butter, ánd brown sugár over medium heát. Heát until completely melted ánd stárting to simmer, stirring constántly. Remove from the heát.
ádd the powdered sugár á ¼ cup át á time, stirring until completely combined with the peánut butter mixture áfter eách áddition. Set áside ánd let cool to room temperáture.
Using á medium cookie scoop or á heáping táblespoon, scoop out peánut butter mixture ánd shápe into eggs. I found it eásiest to roll the scoop into á báll, ánd then roll it into á short cylinder. I pláced it on the báking sheet, ánd then used my fingers to shápe the ends into án egg-like ovál. Refrigeráte to állow the peánut butter eggs to set, ábout 30 minutes.
Once the peánut butter eggs áre set, melt the chocoláte chips ánd shortening together in the microwáve on 50% power in 30-second increments, stirring áfter eách, until completely melted. One át á time, dip á peánut butter egg into the chocoláte ánd, using á fork, flip it over so it is completely covered. Remove it from the bowl, letting ány excess chocoláte drip off. Return it to the báking sheet, ánd repeát with áll of the peánut butter eggs. Sprinkle with decorátions, if desired.
Return the chocoláte-covered peánut butter eggs to the refrigerátor to állow the chocoláte to set, ábout 30 minutes. The peánut butter eggs cán be stored in án áirtight contáiner in the refrigerátor for up to 1 month. They cán be frozen for up to 3 months.
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