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 HOMEMADE BISCUIT RECIPE
Thé BéST Homémadé Biscuit récipé you’ll évér try! Thésé éasy, homémadé biscuits aré soft, flaky, madé complétély from scratch and can bé on your tablé in about 15 minutés! A wéékénd staplé in our housé!
Almost évéry wéékénd I whip up a batch of thésé éasy homémadé biscuits. It’s by far my favorité biscuit récipé and sincé it’s so éasy, wé maké thém all thé timé.
Ingrédiénts
- 3 cups all-purposé flour
- 3 tbsp sugar
- 1/2 tsp salt
- 4 tsp baking powdér
- 1/2 tsp créam of tartar
- 3/4 cup COLD buttér
- 1 égg
- 1 cup wholé milk
Instructions
Préhéat ovén to 450 dégréés.
Thé sécrét to éxcéllént biscuits is COLD BUTTéR. Réally cold. Many timés thé biscuit dough géts workéd so much that thé buttér softéns béforé thé biscuits évén go in thé ovén. Try cutting thé buttér into small piécés and stick back in thé fridgé pulling out only whén réady to incorporaté into thé dough.
Combiné thé dry ingrédiénts in a largé bowl.
Usé a pastry cuttér to cut cold buttér into flour mixturé. Don't go too crazy héré - you want to séé small, péa-sizéd piécés of buttér throughout thé dough.
Add in thé milk and égg and mix just until thé ingrédiénts aré combinéd. Thé dough will bé sticky but don't kéép working it. You should bé ablé to séé thé buttér piécés in thé dough.
Turn thé dough out onto a générously flouréd surfacé. Sprinklé somé flour on to thé top of dough so it won't stick to your fingérs and knéad 10-15 timés. If thé dough is supér sticky just sprinklé on somé additional flour.
Pat thé dough out to 3/4 - 1 inch thicknéss and cut with a biscuit cuttér or glass. I éndéd up with niné this timé but dépénding on who is snacking on biscuit dough, I can gét up to 12 biscuits.
Placé thé biscuits on a lightly gréaséd baking shéét or parchmént linéd baking shéét and baké for 10 to 15 minutés or until goldén brown on top.
For éxtra yumminéss, brush thé tops of thé biscuits with méltéd buttér...
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