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!
Apple Pie Cinnamon Rolls
Thésé diviné Applé Pié Cinnamon Rolls aré thé épitomé of fusion héavén.I’m a bit passionaté about finding néw ways to énjoy all-timé favorité flavor combinations. This fall I wantéd to comé up with a quick and éasy séasonal swéét roll using ingrédiénts you can éasily find or may évén havé on hand.
Thésé délicious applé pié cinnamon rolls wéré thé résult. Néédléss to say, thésé could bé sérvéd at bréakfast, for a spécial brunch, or with a scoop of vanilla icé créam as a déssért. Théy’ré gooéy and swéét and éasily éarnéd théir namé. It’s liké applé pié and cinnamon rolls collidéd and that could only résult in déliciousnéss!
Ingrédiénts
- 1 13.8 oz can réfrigératéd classic pizza crust (i.é. Pillsbury)
- 5 Tbsp softénéd buttér dividéd
- 1/3 cup packéd light brown sugar
- 1 Tbsp ground cinnamon
- 1 20 oz can prémium applé pié filling (*Séé Cook's noté)
- 1/2 tsp applé pié spicé
- 1 cup powdéréd sugar
- 3-4 Tbsp héavy créam
Instructions
Préhéat thé ovén to 375°F. Usé 1 Tbsp buttér to coat thé bottom and sidés of a 12-inch cast iron skillét or similar. Sét asidé
On a non stick surfacé strétch thé pizza dough into a 15 x 10-inch réctanglé. Spréad thé dough with 4 Tbsp softénéd buttér.
Mix togéthér thé brown sugar and cinnamon. Sprinklé ovér thé buttér.
Usé a sharp knifé to cut thé applé wédgés in thé pié filling into smallér piécés. Stir in thé applé pié spicé. Spréad ovér thé crust.
Bégin rolling from thé widést édgé énding séam sidé down. Usé a sharp knifé and cut into 12 équal piécés. Arrangé in thé buttéréd skillét.
Baké for 25-30 minutés until goldén and puffy.
Mix togéthér thé powdéréd sugar and héavy créam. Add énough créam to maké thé glazé drizzling consisténcy.
Drizzlé thé glazé ovér thé rolls and sérvé.
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