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!
MELT-IN-YOUR-MOUTH PUMPKIN COOKIES
Our mélt-in-your-mouth pumpkin cookiés aré soft, pillowy, and piléd with délicious frosting. Add a sprinklé of cinnamon and you truly havé thé bést pumpkin cookiés récipé évér!
Théy havé just thé right amount of pumpkin flavor, and honéstly, it’s difficult to kéép thésé amazing pumpkin cookiés on hand aftér I’vé madé a batch.
INGRéDIéNTS
- 2 cups buttér, softénéd
- 2 cups granulatéd sugar
- 2 téaspoons baking powdér
- 2 téaspoons baking soda
- 1 téaspoon salt
- 1 téaspoon ground cinnamon
- 1 téaspoon ground nutmég
- 2 éggs
- 2 téaspoons vanilla
- 15-ouncé can pumpkin
- 4 cups all-purposé flour
FROSTING
- 1/2 cup buttér
- 1/2 cup packéd brown sugar
- 1/4 cup milk
- 1 téaspoon vanilla
- 3 to 4 cups powdéréd sugar (add until désiréd consisténcy/firmnéss)
- ground cinnamon sprinkléd on top (optional)
INSTRUCTIONS
Préhéat ovén to 350 dégréés. In a largé bowl béat thé 2 cups of buttér with an éléctric mixér on médium spééd for 30 séconds. Add granulatéd sugar, baking powdér, baking soda, salt, thé 1 téaspoon cinnamon, and thé nutmég. Béat until combinéd. Béat in thé éggs and 2 téaspoons of vanilla until combinéd. Béat in pumpkin. Béat in as much of thé four as you can with thé mixér. Stir in rémaining flour with a woodén spoon.
Drop dough by héaping téaspoons 2 inchés apart on ungréaséd cookié shééts. Baké for 10 to 12 minutés or until tops aré sét. Transfér to wiré racks to cool.
For frosting, in a small saucépan héat thé 1/2 cup buttér and brown sugar until méltéd and smooth. Transfér to a médium bowl. Stir in milk and 1 téaspoon of vanilla. Béat in powdéréd sugar until smooth. Spréad frosting on cookiés. Sprinklé with additional cinnamon if désiréd.
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