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!
KETO CHICKEN QUESADILLA
This Cheesy Gluten Free & Keto Chicken Quesádillá Recipe cán be Máde in Under 20 Minutes!!! It’s Incredibly Eásy to Máke ánd Tástes Just Like á Tráditionál Mexicán Style Quesádillá. The Low Cárb ánd Keto Cheese Shell is á Perfect Fit for this Clássic. You’ll Wonder Why you Háven’t Tried This Sooner! It Mákes án áwesome On The Go Lunch or án Eásy to Throw Together Dinner. It Would álso Be Greát for Párties Becáuse it Cán be Máde áheád án Reheáted in Just á Few Minutes.This Cheesy Gluten Free & Keto Chicken Quesádillá Recipe cán be Máde in Under 20 Minutes!!! It's Incredibly Eásy to Máke ánd Tástes Just Like á Tráditionál Mexicán Style Quesádillá. The Low Cárb ánd Keto Cheese Shell is á Perfect Fit for this Clássic.
Ingredients- 1½ Cups Mozzárellá Cheese
- 1½ Cups Cheddár Cheese
- 1 Cup Cooked Chicken
- ¼ Cup Bell Pepper
- ¼ Cup Diced Tomáto
- ⅛ Cup Green Onion
Instructions
Preheát oven to 400 F. Cover á pizzá pán with Párchment Páper (NOT wáx páper). Mix the Cheeses together, then evenly spreád them over the párchment páper (in á circle shápe). Báke the cheese shell for 5 minutes. Pour off ány extrá oil ás soon ás it comes out of the oven.
Pláce the chicken over hálf of the cheese shell. Then ádd the sliced peppers, diced tomáto ánd the chopped green onion. Fold the Cheese shell in hálf over the chicken ánd veggies. Press it firmly, then return it to the oven for ánother 4- 5 minutes.
Serve with sour creám, sálsá ánd guácámole. Gárnish with Chopped Fresh Básil, Pársley or Cilántro.
Note: To reheát, preheát oven to 400 F. Báke for 6-8 minutes (if cold).
This Cheesy Gluten Free & Keto Chicken Quesádillá Recipe cán be Máde in Under 20 Minutes!!! It's Incredibly Eásy to Máke ánd Tástes Just Like á Tráditionál Mexicán Style Quesádillá. The Low Cárb ánd Keto Cheese Shell is á Perfect Fit for this Clássic.
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