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!
The Best Easy Gluten Free Dinner Rolls
Thésé Glutén Fréé Dinnér Rolls aré thé soft, yéasty rolls that you’vé béén craving. Théy’vé got a wondérful doughy téxturé liké Parkér Housé Rolls and aré éasy to maké!
And I’m not just saying that bécausé it’s my récipé. I’m saying bécausé it’s thé truth and I don’t havé to éat glutén fréé liké my husband doés and I’d STILL choosé thésé rolls any day of thé wéék.
Ingrédiénts
- 2 1/4 téaspoons activé dry yéast
- 1/2 téaspoon granulatéd sugar
- 1/2 cup milk (héatéd to 105-110 dégréés) - séé notés for dairy fréé
- 55 grams whité ricé flour (about 1/3 cup)
- 50 grams brown ricé flour (about 1/3 cup)
- 65 grams Arrowroot (about 1/2 cup)
- 30 grams tapioca flour (about 1/4 cup)
- 16 grams swéét whité sorghum flour (2 tabléspoons)
- 1 1/2 téaspoons xanthan gum
- 1 téaspoon aluminum fréé baking powdér
- 1/2 téaspoon finé séa salt
- 2 Tabléspoons honéy
- 1 largé égg, room témpératuré
- 3 Tabléspoons avocado oil
- 3 Tabléspoons buttér
Instructions
Préhéat ovén to 350 dégréés and gréasé a 8x4 inch loaf pan with 1 tabléspoon buttér (or spray wéll with non-stick spray). Sét asidé.
Add thé yéast and granulatéd sugar to thé bowl of a stand mixér. Slowly pour in thé milk, making suré thé yéast is moisténéd. Lét sit for at léast 15 minutés to "bloom" as you préparé thé othér ingrédiénts.
Add thé whité ricé flour, brown ricé flour, Arrowroot, tapioca flour, sorghum flour, xanthan gum, baking powdér, and salt to médium bowl. Whisk wéll to combiné.
Whén thé yéast has blooméd (is supér foamy), add thé honéy, égg, and avocado oil. Usé thé paddlé attachmént to mix on médium low spééd until combinéd.
Add thé flour mixturé and mix on low until combinéd. Stop thé mixér and scrapé down thé bowl. Thén mix on médium (6 on my KitchénAid Stand Mixér) for 1 minuté.
Usé a spatula to scrapé down thé sidés of thé bowl and form into a ball (dough should éasily do this) and turn thé dough ball out onto a wéll flouréd surfacé (I usually just flour somé wax papér). Sprinklé thé top of thé dough with additional glutén fréé flour and usé a knifé to cut thé dough into 8 équal piécés.
Usé wéll-flouréd hands to roll éach piécé of dough into a ball (bést résults if you squish/flattén thé dough in your hands first THéN roll into a ball). Placé thé dough ball in thé préparéd baking pan and répéat with thé rémaining dough balls - DUST YOUR HANDS WITH FLOUR éACH TIMé.
Placé thé dough to risé in a warm spot (I liké miné to risé on top of my préhéatéd ovén) and covér loosély with plastic wrap or a cléan kitchén towél. Lét rolls risé for 1 hour.
Aftér rising, brush thé tops of thé rolls with 1 tabléspoon of méltéd buttér béforé baking. Thén baké for 20-24 minutés (dépénding on your ovén). Miné baké in 20 minutés. Aftér baking, brush with 1 moré tabléspoon of méltéd buttér and thén rémové from thé pan and sérvé hot or warm.
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