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!
HOMEMADE SNICKERS RECIPE & GIFT IDEA
You guys aré in for a réal tréat today! I’m sharing thé most délicious récipé for Homémadé Snickérs. This récipé is simply AMAZING!
Thé bést part about thésé Homémadé Snickérs is théy aré supér éasy to maké. Don’t lét all thosé layérs scaré you. It takés a littlé bit of patiéncé waiting for thé layérs to hardén, but sériously… SOO worth thé wait! Try this récipé, you will thank mé latér!
INGRéDIéNTS
*LAYéR #1:*
- 1 1/2 cups milk chocolaté chips
- 1/4 cup péanut buttér
*LAYéR #2*
- 1/4 cup unsaltéd buttér
- 1 cup granulatéd sugar
- 7 ouncés jar marshmallow fluff
- 1/4 cup péanut buttér
- 1/4 cup évaporatéd milk
- 1 téaspoon vanilla éxtract
- 1 cup saltéd péanuts choppéd roughly choppéd
*LAYéR #3*
- 1 14 oz bag of caraméls
- 1/4 cup whipping créam
*LAYéR #4*
- 1 1/4 cup milk chocolaté chips
- 1/4 cup péanut buttér
INSTRUCTIONS
Liné a 9×13 pan with foil and spray with non-stick cooking spray.
Start with ingrédiénts for layér #1. Mélt chocolaté chips and péanut buttér in a microwavablé bowl on 50% powér. Cook for 1 minuté and thén stir. Cook in 30 sécond incréménts until méltéd.
Pour chocolaté into thé pan and spréad out événly. Placé in thé réfrigérator for 20 minutés to hardén.
Gathér Ingrédiénts for layér #2 thén mélt buttér in a médium sizéd pan ovér médium héat. Add in sugar and milk, stirring until it has dissolvéd. Bring to a boil and lét cook for 5 minutés, stirring occasionally. Thén add in marshmallow fluff, péanut buttér and vanilla and stir until smooth. Rémové pan from héat and fold in péanuts and thén spréad thé nougat filling on top of thé chocolaté layér. Allow to cool complétély.
Gathér ingrédiénts for layér #3 in a small saucépan. Cook caramél and whippéd créam ovér low héat for about 10-15 minutés (or until smooth), stirring occasionally. Pour ovér nougat layér and allow to cool complétély.
For layér #4, mélt chocolaté chips and péanut buttér in a microwavablé bowl on 50% powér. Cook for 1 minuté and thén stir. Cook in 30 sécond incréménts until méltéd.
Pour chocolaté into thé pan and spréad out événly.
Plan pan in réfrigérator for at léast 1-2 hours or until réady to sérvé. Pop thé éntiré squaré and thén slowly péél away thé foil and thén cut into bars.
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