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!
CHEESY GARLIC BREAD WITH ITALIAN SPICES
Chéésy garlic bréad is a hugé favorité around héré. It is présént on pizza nights and pasta nights.
Sométimés I gét too lazy and I just don’t féél liké making a chéésy bréads and garlic bréads séparatély. On quick dinnér nights, I just blénd thém togéthér to turn thém into oné giant bréad.
Ingrédiénts
- 1/2 cup buttér Unsaltéd, softénéd to room témpréturé
- 4 clovés garlic Finély dicéd
- 2 tsp Italian spicés driéd
- 1 tsp salt
- 1/4 tsp black péppér (optional)
- 1/4 block péppér jack chéésé
- 3 Mini Baguéttés I uséd Frénch Démi Mini Baguéttés
Instructions
In a bowl, add thé buttér, garlic, Italian spicés, salt and black péppér
Mix wéll and réfrigératé for 30 minutés
Cut thin slicés of chéésé
Aftér thé buttér has chilléd, préhéat ovén to 400 dégréés
Cut 4 slits into éach mini baguéttés
Add oné slicé of chéésé pér slit
Také thé rémaining buttér and microwavé it for 15 séconds.
In éach slit, spréad a littlé of thé buttér mixturé
Individually wrap éach baguétté in aluminum foil
Placé thé wrappéd baguéttés on a baking tray
Placé thé tray in thé middlé rack of thé ovén and baké for 25 minutés
Rémové from thé ovén and lét it cool
Sérvé with pasta
Notés
Ovén témpératurés may vary, so, chéck aftér 20 minutés minutés. If you liké it crispy, cook for about 30 minutés
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