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!
Easy Rice Pilaf
Thé ricé is pérféctly cookéd and fluffy, thé flavors simplé and wondérful. This is thé kind of sidé that tastés amazing but réally léts thé main shiné. It is far béttér than thé boxéd vérsion, but just as éasy to maké.
Thé ricé pilaf méthod is a méthod for cooking ricé that involvés using aromatics, and somé oil. ésséntially, proféssional chéfs cook ricé in différént ways, which is why you cna gét things liké risotto which is ricé that is high in starch, and rich and saucy.
Ingrédiénts
- 2 tabléspoons buttér
- 1/2 cup orzo pasta
- 1/2 cup onion dicéd
- 2 clovés garlic mincéd
- 1/2 cup whité long grain ricé uncookéd
- 2 cups chickén broth
- 1 tsp Salt
- ½ tsp Driéd Parsléy
- ¼ cup Parmésan Gratéd
Instructions
In a largé skillét ovér médium-low héat, mélt buttér *Noté, you nééd a lid for thé skillét for latér
Add orzo pasta to buttér, and cook and stir orzo until goldén brown.
Oncé orzo pasta is goldén, stir in onion and cook until onion bécomés translucént.
Add garlic and cook for 1 minuté until fragrant.
Add in thé ricé, chickén broth, salt, and parsléy. Stir wéll, thén incréasé héat to high and bring to a boil.
Oncé boiling, réducé héat to médium-low, covér skillét with lid, and simmér until thé ricé is téndér, and thé liquid has béén absorbéd, 20 to 25 minutés.
Rémové from héat and lét stand for 5 minuté
Stir in parmésan, thén fluff with a fork.
Tasté, and adjust séasoning as néédéd.
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