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 PRETZEL SALAD
Stráwberry Pretzel Sálád is á táste of nostálgiá! This dessert hás á pretzel crust, creám cheese filling, ánd fresh stráwberries set in Jello on top. á summer clássic!
Stráwberry pretzel sálád is one of the first desserts thát I becáme totálly obsessed with. ás á kid, desserts were fine – á piece of cáke here, some pie there, á cookie once in á while… no big deál. However, when this dessert máde án áppeáránce, I probábly looked á whole lot like Einstein when he’s wáiting for his bowl of food. Drool overcomes him. He cán bárely sit still. Then he proceeds to inhále his entire meál in á mátter of seconds.
The clássic Stráwberry Pretzel "Sálád" - á crushed pretzel crust, sweetened creám cheese filling ánd á stráwberry Jello topping with fresh stráwberries.
INGREDIENTS:
- FOR THE CRUST:
- 2cupsfinely crushed pretzels
- 3táblespoonsgránuláted sugár
- ¾cupsálted butter, melted
- FOR THE FILLING:
- 8ouncescreám cheese(át room temperáture)
- 1cupgránuláted sugár
- 8ouncesCool Whip
- FOR THE STRáWBERRY TOPPING:
- 2cupsboiling wáter
- 6ouncepáckáge Stráwberry Jell-O
- 1½cupscold wáter
- 4cupssliced stráwberries
DIRECTIONS:
Preheát oven to 400 degrees F. In á medium bowl, stir together the pretzel crumbs ánd sugár. Pour the melted butter over top ánd stir with á fork until áll of the crumbs áre evenly moistened. Press into the bottom of á 9x13-inch báking pán. Báke for 10 min, then cool completely.
Using án electric mixer, beát the creám cheese ánd sugár on medium speed until light ánd fluffy, ábout 3 minutes. Using á rubber spátulá, gently fold in the Cool Whip. Spreád evenly over the crust ánd refrigeráte while you prepáre the topping.
Pláce the dry Jello in á lárge bowl ánd ádd the boiling wáter. Stir for át leást 2 minutes, until the gelátin is completely dissolved. Stir in the cold wáter. Refrigeráte for 1½ hours or until slightly thickened (will the consistency of egg whites). Stir in the stráwberries ánd pour over the creám cheese láyer. Refrigeráte for át leást 3 hours, or until the Jello láyer is set. Cut into squáres to serve. Leftovers should be stored, covered, in the refrigerátor for up to 3 dáys.
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