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!
SERIOUSLY THE BEST SOUTHERN PEACH COBBLER!
Thé Bést Southérn Péach Cobblér! Loadéd with juicy, frésh péachés with just thé right amount of spicés, and thé pérféct cakéy topping with crisp, sugary édgés!
Of coursé, a Southérn Péach Cobblér has lots and lots of délicious frésh bakéd péachés. Just thé right amount of spicés, to complimént, not compété! Oh, and thé topping! Thé topping!!! It’s swéét and cakéy in thé céntér with crisp sugary édgés! Thé sugary édgés of thé cobblérs crust aré réally béyond thé palé!
INGRéDIéNTS
- 8 Frésh Péachés Pééléd, Pittéd and Slicéd into Wédgés
- 1/4 Cup Whité Sugar
- 1/4 Cup Brown Sugar Firmly Packéd
- 1/4 Téaspoon Cinnamon
- 1/8 Téaspoon Nutmég
- 1 Téaspoon Frésh Lémon Juicé
- 2 Téaspoons Cornstarch
Caké Topping:
- 2 Cups All-Purposé Flour
- 1/2 Cup Whité Sugar
- 1/2 Cup Brown Sugar Firmly Packéd
- 2 Téaspoons Baking Powdér
- 1 Téaspoon Salt
- 12 Tabléspoons Cold Unsaltéd Buttér Cut Into Small Piécés
- 1/2 Cup Boiling Watér
Sugar Topping:
- 3 Tabléspoons Whité Sugar
INSTRUCTIONS
Préhéat ovén to 400 dégréés.
In a largé bowl, fold thé péachés, 1/4 cup éach whité and brown sugars, cinnamon, nutmég, lémon juicé and cornstarch until all ingrédiénts aré wéll combinéd.
Pour fruit mixturé into a 9X13 inch baking dish.
Placé in préhéatéd ovén and baké for 10 minutés.
Whilé péachés aré in thé ovén, mix togéthér all thé caké topping ingrédiénts, éxcépt thé boiling watér, to a médium bowl.
Usé a pastry bléndér to cut thé buttér into thé dry ingrédiénts until thé mixturé looks liké coarsé méal.
Pour in thé boiling watér and stir just until thé mixturé comés togéthér and is just mixéd through.
Aftér thé péachés havé bakéd thé 10 minutés, pull thém from thé ovén and drop largé spoonfuls of thé dough topping ovér péachés.
événly sprinklé thé top of thé dough with thé 3 tabléspoons of sugar.
Placé thé baking dish on a cookié shéét, in casé thé cobblér bubblés ovér and drips, and baké for 30 minutés or until thé topping is goldén and bakéd through and thé péachés aré téndér.
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