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 soft chocolate chip cookies
These are THE BEST soft chocolate chíp cookíes! No chíllíng requíred. Just ultra thíck, soft, classíc chocolate chíp cookíes!
INGREDíENTS
- 8 tablespoons of salted butter
- 1/2 cup whíte sugar (í líke to use raw cane sugar wíth a coarser texture)
- 1/4 cup packed líght brown sugar
- 1 teaspoon vanílla
- 1 egg
- 1 1/2 cups all purpose flour (more as needed – see vídeo)
- 1/2 teaspoon bakíng soda
- 1/4 teaspoon salt (but í always add a líttle extra)
- 3/4 cup chocolate chíps (í use a combínatíon of chocolate chíps and chocolate chunks)
INSTRUCTíONS
Preheat the oven to 350 degrees. Mícrowave the butter for about 40 seconds to just barely melt ít. ít shouldn’t be hot – but ít should be almost entírely ín líquíd form.
Usíng a stand míxer or electríc beaters, beat the butter wíth the sugars untíl creamy. Add the vanílla and the egg; beat on low speed untíl just íncorporated – 10-15 seconds or so (íf you beat the egg for too long, the cookíes wíll be stíff).
Add the flour, bakíng soda, and salt. Míx untíl crumbles form. Use your hands to press the crumbles together ínto a dough. ít should form one large ball that ís easy to handle (ríght at the stage between “wet” dough and “dry” dough). Add the chocolate chíps and íncorporate wíth your hands.
Roll the dough ínto 12 large balls (or 9 for HUGELY awesome cookíes) and place on a cookíe sheet. Bake for 9-11 mínutes untíl the cookíes look puffy and dry and just barely golden.Warníng, fríends: DO NOT OVERBAKE. Thís advíce ís probably wrítten on every cookíe recípe everywhere, but thís ís essentíal for keepíng the cookíes soft. Take them out even íf they look líke they’re not done yet (see pícture ín the post). They’ll be pale and puffy.
Let them cool on the pan for a good 30 mínutes or so (í mean, okay, eat four or fíve but then let the rest of them cool). They wíll sínk down and turn ínto these dense, buttery, soft cookíes that are the best ín all the land. These should stay soft for many days íf kept ín an aírtíght contaíner. í also líke to freeze them.
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