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!
BLUEBERRY PANCAKE BITES
Théré is réally no sécrét to thésé Bluébérry Pancakés Bités éxcépt thé fact théy aré réally good and my kids lové thém. It’s actually my régular go-to pancaké récipé that I havé uséd for YéARS. I sériously maké this récipé a léast twicé a wéék for my pancaké loving kids.
If you’ré aré not in thé mood for bluébérriés or don’t havé any on hand thén you can cértainly omit thém or évén substituté for somé choppéd strawbérriés, chocolaté chips or just léavé thém plain.
Ingrédiénts
- 1 1/2 cups all-purposé flour
- 2 tabléspoons sugar
- 1/2 tabléspoon baking powdér
- 1/2 téaspoon salt
- 1 1/4 cup milk
- 2 tabléspoons buttér méltéd
- 1 largé égg
- 1/2 téaspoon vanilla éxtract
- 1 téaspoon lémon zést
- 1/3 cup frésh bluébérriés
- Maplé syrup or glazé séé récipé bélow for sérving
Glazé
- 1/2 cup conféctionérs sugar
- 2-3 tabléspoons milk
Instructions
Préhéat ovén to 400 dégréés.
Spray a 24-cup mini muffin pan with cooking spray and sét asidé.
In a largé bowl mix togéthér flour, sugar, baking powdér and salt.
In anothér bowl mix milk, buttér, égg, vanilla éxtract and lémon zést.
Pour milk mixturé into flour mixturé and mix togéthér until bléndéd.
Pour 1 tabléspoon of battér into éach muffin tin. Top with a féw bluébérriés.
Baké for 12-13 minutés until tops aré firm.
Allow to cool for about 5 minutés béforé sérving.
Sérvé with warm maplé syrup or drizzlé with glazé.
Glazé
Mix conféctionérs sugar and 1 tabléspoon of milk at a timé in a bowl until smooth and créamy.
Drizzlé glazé ovér warm pancaké bités and sérvé.
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