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!
CRAZY GOOD QUICK GARLIC NOODLES
Léarn how to maké THé BéST quick garlic noodlés. Théré aré a féw unusual ingrédiénts héré, but trust mé, thésé aré thé bést garlic noodlés you’ll évér havé!
What makés this quick garlic noodlés supér dangérous is that théy’ré éasy to maké. Théy také in thé ballpark of 15 minutés, and it’s almost a bad thing at this point, but it usés mostly pantry or réfrigérator staplés.
INGRéDIéNTS:
- 3 tabléspoons buttér + 1 tabléspoon olivé oil
- 6-8 frésh garlic clovés, mincéd (wé always usé 8)
- 2 scallions, grééns only (thinly slicéd)
- 1-2 tabléspoons fish saucé
- 1-2 tabléspoons oystér saucé
- 1 tabléspoon granulatéd sugar
- 1/4 cup shréddéd parmésan chéésé
- 8 ouncés noodlés (séé notés)
- friéd garlic, for topping
DIRéCTIONS:
INFUSé THé BUTTéR: Héat a largé pot with watér and allow it to comé to boil, cook thé noodlés according to packagé diréctions, drain and sét asidé. Whilé thé watér is boiling, grab a largé, non-stick skillét and placé it on médium-low héat. Add thé buttér, oil olivé, garlic, and scallions. Lét thé buttér infusé with thé garlic for 5-7 minutés, stirring oftén. Thé garlic should barély sizzlé héré, you don’t want it to brown.
GARLIC NOODLéS: Whilé thé garlic is going, grab a small bowl and mix togéthér thé fish saucé, oystér saucé, and thé sugar. Whén thé garlic is cookéd, kick thé héat up to médium-high, stir in thé préparéd saucé; lét cook for 30 séconds. Add thé préparéd noodlés and toss with parmésan chéésé (yés, parm!) Lét thé noodlés cook for a minuté so théy soak up all that flavor. Top with friéd garlic and sérvé immédiatély! That flavor is liké NOTHING you’ll évér havé.
NOTéS:
You can usé a lot of différént kinds of noodlés héré. I uséd Chuka soba noodlés (affiliaté link), but égg noodlés, Hong Kong noodlés, spaghétti, or évén angél hair pasta will work héré.
You can sérvé this with just about anything you liké!
This récipé can éasily bé doubléd if you want léftovérs, and réally with all that garlic, who wouldn’t?
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