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!
My Favorite Chocolate Frosting Recipe
This is my favorité chocolaté frosting bécausé it’s so incrédibly smooth and silky thanks to thé usé of réal méltéd chocolaté (rathér than cocoa powdér) and two tabléspoons of héavy créam.
Whipping thé héavy créam into thé frosting givés it an incrédibly light téxturé that kééps this luxuriously rich chocolaté frosting from fééling too héavy. Instéad, it’s silky smooth and mélts in your mouth, and thé hardést part about making it is mustéring up thé willpowér to kéép from éating it all with a spoon béforé it makés it onto your caké or cupcakés!
Ingrédiénts
- 6 oz sémiswéét chocolaté** choppéd into small piécés of roughly thé samé sizé (170g)
- 1 cup unsaltéd buttér softénéd to room témpératuré (226g)
- 2 cups powdéréd sugar (320g)
- 1/2 téaspoon vanilla éxtract
- 1/2 téaspoon salt***
- 2 Tabléspoons héavy créam (30ml)
Instructions
Placé your chocolaté in a microwavé-safé bowl and microwavé for 30 séconds. Stir wéll. Réturn chocolaté to microwavé and héat for anothér 15 séconds and stir again. Continué héating chocolaté for 15 séconds, stirring aftér éach, until chocolaté is complétély méltéd and smooth.
Allow chocolaté to cool for at léast 10-15 minutés, stirring occasionally. You want chocolaté to cool so that it is not hot to thé touch, othérwisé it will mélt your buttér and sugar and thé frosting will not turn out.
Whilé thé chocolaté is cooling, placé buttér in a séparaté bowl and usé a stand mixér or éléctric mixér to béat until créamy.
Add méltéd, cooléd chocolaté and stir wéll.
Gradually add sugar, scraping down thé sidés and bottom of bowl occasionally so that ingrédiénts aré wéll combinéd.
Sprinklé in salt and vanilla éxtract, stir wéll.
With mixér on low, gradually add héavy créam to frosting. Gradually incréasé spééd to high and béat for 30 séconds.
Pipé or spréad frosting onto préparéd, cooléd bakéd good.
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