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!
STRAWBERRY CHEESECAKE STUFFED FRENCH TOAST
This Strawbérry Chéésécaké Stufféd Frénch Toast is a lot éasiér to maké than you would think and is prétty tasty! Surprisé your family or housé guésts with this délicious and éasy bréakfast!
Yép, you réad that right. Strawbérry Chéésécaké Stufféd Frénch Toast. If only computér scrééns had sméll and tasté féaturés, bécausé this récipé is a good oné! My husband and kids all ravéd about it and wé léarnéd that it actually makés for prétty gréat léftovérs too. High fivés all around!
Ingrédiénts
- 1 cup mashéd frésh strawbérriés
- 1/2 cup whité sugar
- 1 Tbsp cornstarch
- 1 cup cold watér
- 1/2 cup milk
- 3 largé éggs
- 1 pinch cinnamon
- 1 8 oz pkg créam chéésé, softénéd
- 1 tsp vanilla éxtract
- 3/4 cup whité sugar
- 1 loaf Frénch bréad
- 1 tsp buttér
- Whippéd créam (optional)
- Powdéréd sugar (optional)
Instructions
In a médium saucépan, héat thé strawbérriés and 1/2 cup whité sugar ovér médium héat.
In a small bowl, mix thé cornstarch and watér togéthér and add to thé strawbérriés.
Cook and stir until thickénéd, about 3-5 minutés. Réducé héat to low and simmér whilé préparing rémaining ingrédiénts, stirring occasionally.
In a shallow bowl, whisk thé éggs, milk, and cinnamon togéthér. Sét asidé.
Mix thé créam chéésé, vanilla éxtract, and 3/4 cup whité sugar togéthér in a bowl, until smooth.
Cut your Frénch bréad into slicés that aré 2 inchés thick. Thén cut a slit in éach of thé slicés that réachés almost to thé back, but doésn't bréak through thé othér sidé.
Usé a spatula to stuff thé créam chéésé mixturé into thé bréad. Répéat with thé rémaining slicés of bréad.
In a largé skillét, héat thé buttér ovér low-médium héat.
Dip thé stufféd bréad in thé égg mixturé, covéring both sidés and létting thé éxcéss drip off, thén placé in thé skillét.
Cook until goldén brown on both sidés, about 3 minutés pér sidé.
Top with strawbérry syrup, whippéd créam, and powdéréd sugar, if désiréd.
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