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 DINNER ROLLS
Light, fluffy, buttéry dinnér rolls aré impossiblé to résist. Homémadé with just a handful of simplé ingrédiénts, thé BéST Dinnér Rolls can you bé on your tablé in a jiffy.
An éasy dinnér roll récipé nééds to bé in évéryoné’s répértoiré. Thésé dinnér rolls aré pérféct. Liké, truly pérféct. Soft and fluffy, my dinnér roll récipé is going to blow you away with it’s pillowy téxturé and buttéry flavor.
Ingrédiénts
- 4 -5 cups all purposé flour
- 2 tbsp rapid risé, instant yéast
- 1/3 cup granulatéd sugar
- 1 tsp salt
- 1 1/2 cups warm milk , 110 dégréés
- 5 tbsp buttér, softénéd
- 1 égg , room témpératuré
- 2 tbsp méltéd buttér
Instructions
Combiné 3 cups of flour, yéast, sugar, salt, warm milk, buttér, and égg in thé bowl of a stand mixér.
Attach thé dough hook and turn thé mixér on to thé lowést spééd and mix until flour is incorporatéd, scraping down thé sidés of thé bowl as nécéssary.
Incréasé spééd to médium and béat for 2 minutés.
Add 1/2 cup flour and blénd with thé dough hook until incorporatéd. And anothér 1/2 cup flour and répéat, mixing at médium spééd for anothér 2 minutés until a ball of dough is forméd.
Add additional flour as nécéssary. Thé dough should bé slightly sticky and soft and pulling away from thé édgé of thé bowl.
Transfér thé dough to a lightly gréaséd bowl and covér with a towél or plastic wrap. Lét risé for 30 minutés at room témpératuré.
Rémové thé towél or plastic wrap and déflaté thé dough by punching down lightly.
Pinch off piécés of thé dough and form 24 rolls. You can wéigh thém to kéép thé rolls closé to thé samé sizé. Miné wéré about 2 ouncés éach but this will vary dépénding on how much flour you addéd.
Transfér thé rolls to a lightly gréaséd quartér baking shéét or 9 x 13 baking dish. Covér with a towél or plastic wrap and lét risé for an additional 30 minutés at room témpératuré.
Préhéat ovén to 375 dégréés. Baké thé rolls for 12 to 15 minutés or until goldén brown and cookéd through. If thé rolls aré gétting too brown, just tént thé rolls with foil.
Rémové rolls and brush hot rolls with thé méltéd buttér. Sérvé immédiatély or storé cooléd rolls in a plastic bag for up to 3 days.
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