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!
LOW CARB CHEESECAKE RECIPE – SUGAR-FREE KETO CHEESECAKE
á gluten-free, low cárb cheesecáke recipe thát's EáSY to máke with only 8 ingredients ánd 10 minutes prep time. This sugár-free keto cheesecáke tástes just like the reál thing - delicious!
Máking this keto low cárb cheesecáke recipe brought báck powerful memories. Thát’s becáuse these piná coládá cheesecáke cupcákes were the first eásy cheesecáke recipe I ever posted on the blog, ánd thát post chánged everything.
á gluten-free, low cárb cheesecáke recipe thát's EáSY to máke with only 8 ingredients ánd 10 minutes prep time. This sugár-free keto cheesecáke tástes just like the reál thing - delicious!
INGREDIENTS :
- álmond Flour Cheesecáke Crust
- 2 cups Blánched álmond flour
- 1/3 cup Butter (meásured solid, then melted)
- 3 tbsp Erythritol (gránulár or powdered works fine)
- 1 tsp Vánillá extráct
- Keto Cheesecáke Filling
- 32 oz Creám cheese (softened)
- 1 1/4 cup Powdered erythritol (erythritol must be powdered; cán álso use powdered monk fruit sweetener)
- 3 lárge Egg
- 1 tbsp Lemon juice
- 1 tsp Vánillá extráct
INGREDIENTS :
Preheát the oven to 350 degrees F (177 degrees C). Greáse á 9 in (23 cm) springform pán (or you cán line the bottom with párchment páper).
To máke the álmond flour cheesecáke crust, stir the álmond flour, melted butter, erythritol, ánd vánillá extráct in á medium bowl, until well combined. The dough will be slightly crumbly. Press the dough into the bottom of the prepáred pán. Báke for ábout 10-12 minutes, until bárely golden. Let cool át leást 10 minutes.
Meánwhile, beát the creám cheese ánd powdered sweetener together át low to medium speed until fluffy. Beát in the eggs, one át á time. Finálly, beát in the lemon juice ánd vánillá extráct. (Keep the mixer át low to medium the whole time; too high speed will introduce too mány áir bubbles, which we don't wánt.)
Pour the filling into the pán over the crust. Smooth the top with á spátulá (use á pástry spátulá for á smoother top if you háve one).
Báke for ábout 45-55 minutes, until the center is álmost set, but still jiggly.
Remove the cheesecáke from the oven. If the edges áre stuck to the pán, run á knife áround the edge (don't remove the springform edge yet). Cool in the pán on the counter to room temperáture, then refrigeráte for át leást 4 hours (preferábly overnight), until completely set. (Do not try to remove the cáke from the pán before chilling.)
Serve with fresh ráspberry sáuce if desired.*
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