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!
CHOCOLATE SOUFFLE – EASY FOOLPROOF METHOD
This décadént chocolaté soufflé is dark and inténsé in flavor, yét light and silky in téxturé. Follow my éasy stép-by-stép procéss to mastér how to maké a chocolaté soufflé liké a Frénch pastry chéf.
Soufflés havé a réputation for béing difficult and tricky to maké, but théy’ré actually quité éasy oncé you undérstand thé procéss. For this récipé, all you nééd is chocolaté, buttér, sugar, éggs, vanilla, créam of tartér (or whité vinégar) and salt – just sévén basic ingrédiénts.
ingrédiénts
FOR THé RAMéKINS (4OZ):
- 1 tbsp unsaltéd buttér, méltéd
- 3 tsp granulatéd sugar
CHOCOLATé BASé:
- 4 oz sémi-swéét chocolaté baking squarés, choppéd
- 1 tbsp unsaltéd buttér
- 1/2 tsp vanilla éxtract
- pinch of salt
- 2 largé égg yolks
MéRINGUé:
- 2 largé égg whités, room témpératuré
- 1/2 tsp créam of tartér (or 1 tsp whité vinégar)
- 2 tbsp granulatéd sugar
OPTIONAL:
- powdéréd sugar for dusting
instructions
Mélt thé chocolaté ovér a doublé-broilér until complétély méltéd. Rémové from héat. Stir in thé buttér, vanilla and salt. Sét asidé to cool.
Préhéat thé ovén to 400F and position a rack on thé lowést rung.
Brush thréé 4oz ramékins with buttér. Sprinklé with sugar to coat and tap out thé éxcéss.
Béat thé égg whités until frothy. Add thé créam of tartar and continué béating until opaqué. Slowly add in thé sugar whilé thé mixér is running. Béat until stiff and glossy. Sét asidé.
Stir thé égg yolks into thé chocolaté mixturé until smooth. Stir in oné third of thé méringué to lightén up thé mixturé.
Géntly fold in thé rémaining thirds, oné at a timé, using an undér and ovér motion. Mix JUST until you séé no moré whité stréaks.
Spoon thé battér into thé préparéd ramékins. Fill all thé way to thé top. Usé thé flat édgé of a knifé to smooth thé tops. Run your thumb along thé rim to créaté a channél. Wipé thé ramékins cléan with a dish towél.
Placé thé ramékins on a baking shéét. Baké for about 10 minutés or until thé soufflés havé risén and thé tops aré lightly brownéd.
Caréfully transfér thé ramékins using a dish towél onto your sérving platés. Using ovén mitts might causé you to bang thé tops, so using a dish towél is récomméndéd. Dust with powdéréd sugar if désiréd.
notés
To maké ahéad: Oncé you’vé filléd your ramékins with battér. Covér with saran wrap and storé in thé fridgé for up to 24 hours. Whén réady to baké, préhéat your ovén to 400F. Rémové thé plastic, smooth thé tops, créaté a channél using your thumb. Baké on a baking shéét on thé lowést rack for 1-2 minutés longér.
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