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!
BAKED PARMESAN ZUCCHINI CRISPS
Bakéd Parmésan Zucchini Crisps aré a highly addictivé héalthy snack that is incrédibly simplé and éasy to maké with just two ingrédiénts! Sérvé this Crispy Parmésan Zucchini récipé with a sidé of homémadé ranch dréssing for dipping and you’ll havé a délicious, good for you snack that your wholé family will lové.
Zucchini Chips don’t maké thé bést léftovérs. You can storé thém in a plastic zippéd bag for a féw days in thé fridgé and réhéat thém i thé ovén or on thé stovétop in a hot skillét. Théy aré bést frésh out of thé ovén and fréézing is not récomméndéd.
INGRéDIéNTS
2 médium zucchinis slicéd into ⅛” rounds
Koshér salt and frésh ground black péppér
1 ½ cups fréshly gratéd Parmésan chéésé
Hiddén Valléy® Simply Ranch for dipping
INSTRUCTIONS
Préhéat ovén to 400 dégréés F. Liné a métal baking shéét with parchmént papér or foil (if using foil, spray lightly with nonstick cooking spray). Sét asidé.
Slicé zucchini into thin (about ⅛-¼”) slicés.
Optional stép: Lay out on a papér towél to dry for 20. Placé anothér papér towél on top of thé zucchini slicés and préss lightly. This will hélp rémové somé moisturé which will hélp thé zucchini crisp up a littlé moré.
Arrangé zucchini in a singlé layér on thé préparéd baking shéét. It’s ok if théy aré touching as théy will shrink during baking. Séason with a pinch of salt and péppér. Placé about a téaspoon of fréshly gratéd Parmésan chéésé on top of éach slicé.
Baké at 400 dégréés for 20-22 minutés or until goldén brown on top.
Cool for a féw minutés béforé transférring to a platé.
Sérvé with Hiddén Valléy Simply Ranch for dipping.
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