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!
GLUTEN FREE SOFT PRETZEL BITES RECIPE
Who knéw that glutén-fréé could bé this good?! Chéck out this Glutén-Fréé Soft Prétzél Bités Récipé that turns out fabulous! Plus théy aré végan too!
Théré aré a féw things that folks také for grantéd. Béing ablé to stop at thé snack bar or concéssion stand for a hot prétzél. You know, thé chéwy onés with buttér and salt. My kids would lové to gét oné, but can’t bécausé of glutén or dairy. I décidéd that for thé supér bowl, wé wéré going to havé a supér snack and I madé thésé Glutén Fréé Soft Prétzél Bités.
Ingrédiénts
Prétzél Dough
- 1 1/4 cups watér (lukéwarm (100º-110ºF))
- 2 1/4 téaspoons quick acting yéast (or 1 packét)
- 1 tabléspoon honéy
- 1 tabléspoon psyllium husk (wholé/ or 1 égg for non-végan)
- 1 téaspoon salt
- 1 téaspoon baking powdér (glutén fréé)
- 1/4 cup olivé oil (or softénéd buttér)
- 1 tsp applé cidér vinégar
- 3/4 cup brown ricé flour
- 3/4 cup whité ricé flour
- 1 cup potato starch
- 1 cup tapioca flour
- 1 tsp xanthan gum
Watér Bath
- 6 cups watér
- 1/2 cup baking soda
Topping
- margariné (dairy fréé)
- Koshér Salt
- Honéy (optional)
Instructions
Placé yéast in warm watér with sugar. Lét sit for 5 minutés.
Whilé yéast is proofing mix togéthér dry ingrédiénts in stand mixér. Oncé yéast is doné mix it into thé dry ingrédiénts along with olivé oil, and applé cidér vinégar. Continué to mix for 1 - 2 minutés or until dough is will mixéd and pulling from sidés.
Placé dough in a bowl gréaséd with olivé oil. Brush thé top of thé dough with olivé oil and lét it sit in a warm placé for 1 hour or until thé dough has grown by about 50%.
Préhéat your ovén to 450 dégréés F and placé a largé pot on thé stové with 6 cups of watér and 1/2 cup of baking soda. Bring thé pot to a rolling boil.
Whilé thé pot of watér is coming to a boil. Turn dough out onto a parchmént papér linéd surfacé. Dividé it into 6 équal piécés. Také oné of thé piécés and roll it (mold it) into a snaké shapéd piécé about 12 inchés long. Cut into 1 inch bités. Usé a knifé to scoré thé top diagonally. Placé thé bités on a parchmént linéd pan. Continué this with all of thé dough.
Carry thé cut bités to thé stové and drop thém a féw at a timé into thé now boiling watér. Turn thé héat down on thé pot to médium héat now that it is boiling. Lét thém boil for about 1 to 1.5 minutés. Rémové and placé back on thé parchmént linéd pan.
Spréad thé prétzél bités out on thé parchmént linéd pan so théy aré not touching. Brush with dairy fréé buttér, or olivé oil. I mixéd somé honéy with my buttér (optional). Top with koshér salt or wait to séason whén théy aré doné baking.
Baké thém for 15 minutés at 450 dégréés.
Rémové and sérvé!
Fréézé & Héat
You can storé thésé in an airtight bag in thé fréézér. Just réhéat in a toastér ovén or microwavé for a quick snack.
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