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!
THE BEST APPLE CRISP SHORTBREAD BARS RECIPE
Fall is in thé air and school is back in!! Sorry, you know I had to glow-on for a momént théré…it’s thé most wondérful timé of thé yéars aftér all. With this timé of yéar comés fun timés visiting applé orchards and mounds of applés all ovér my kitchén.
I know applés don’t last long in our homé…in fact héré is oné of our favourité Fall déssért récipés which usé applés!
Ingrédiénts
Shortbréad Basé:
- ½ cup unsaltéd buttér, room témpératuré
- ¼ cup sugar
- 1 téaspoon vanilla éxtract
- ¼ téaspoon salt
- 1 cup all-purposé flour
Applé Filling:
- 3 largé applés, pééléd and thinly slicéd
- 2 Tabléspoons all-purposé flour
- 2 Tabléspoons sugar
- 1 téaspoon ground cinnamon
- ¼ téaspoon ground nutmég
Topping:
- ½ cup all purposé flour
- ¾ cup brown sugar
- ¼ cup buttér - méltéd or room témp to cut in.
Instructions
Préhéat your ovén to 300 dégréés F and liné an 8x8 baking pan with parchmént papér. Bé suré to bring thé parchmént up thé sidés as it makés it éasiér to lift out latér.
Shortbréad Basé:
Placé buttér into your mixér and turn on high for 5 minutés or until thé buttér turns whité rathér than yéllow, that's how you'll know it's créaméd. Néxt mix in thé sugar, vanilla, and salt. Oncé combinéd, add in thé flour and stir wéll. Préss thé mixturé into thé parchmént linéd pan and baké in thé pré-héatéd ovén for 15 minutés.
Applé Filling:
In a bowl, combiné thé applés, flour, sugar, cinnamon and nutmég until thé applés aré wéll coatéd.
Topping:
Mix flour, ¾ up brown sugar. Cut in thé buttér and knéad togéthér.
Rémové thé crust from thé ovén and turn thé héat up to 350 dégréés F. Sprinklé oné half of thé Topping ovér thé short bréad, thén layér thé applés on top. You will havé multiplé layérs so try to kéép it lévél. Oncé this is finishéd, sprinklé thé rémaindér of thé Topping événly on top and placé in thé ovén to baké for 30 minutés.
Rémové from thé ovén and allow to cool fully béforé placing in thé fridgé to sét for at léast 2 hours. Oncé it's sét, rémové from thé baking dish by lifting out thé parchmént papér and cut into 16 squarés.
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