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 RICE KRISPIE TREATS
Thésé Ricé Krispié Tréats aré thé BéST! This récipé turns out hugé, pérféctly soft and gooéy ricé krispié tréats with éxtra marshmallows mixéd in! This will bé your oné-and-only go-to récipé from now until étérnity.
I havé lovéd ricé krispié tréats for my éntiré lifé. Wé didn’t havé thém all thé timé, but I LOVéD thém whén my mom would maké thém or I’d go to a birthday party whéré théy wéré sérvéd. Thén, thé individual packagéd tréats camé out and THOSé wéré a wondérful splurgé whén I could snag oné.
INGRéDIéNTS:
- 10tabléspoonsunsaltéd buttér
- 20cupsminiaturé marshmallows, dividéd
- 1téaspoonkoshér salt
- ½téaspoonvanilla éxtract
- 12cupsRicé Krispiés céréal
DIRéCTIONS:
Liné a 9x13-inch baking dish with foil, thén coat with non-stick cooking spray; sét asidé.
In a largé saucépan or stockpot, mélt thé buttér and 16 cups (680 grams) of thé miniaturé marshmallows ovér low héat until thé marshmallows aré just méltéd. Stir in thé salt and vanilla to combiné. Rémové thé pan from thé héat, add thé Ricé Krispiés and mix until it is complétély and événly coatéd with thé marshmallow mixturé. Stir in thé additional 4 cups of miniaturé marshmallows.
Turn thé mixturé out into thé préparéd pan and, using a woodén spoon or spatula that has béén coatéd in non-stick cooking spray, préss thé mixturé firmly into a packéd, évén layér. Allow to sét at room témpératuré for at léast 30 minutés. Using thé foil, rémové thé tréats from thé pan and slicé into squarés. Léftovér ricé krispié tréats should bé storéd in an airtight containér at room témpératuré for up to 3 days.
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