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 Vegan Garlic Alfredo Sauce
The absolute BEST Vegan Garlìc Alfredo Sauce that tastes lìke the guìlty versìon. Lots of onìon ìs the secret to thìs easy, low ìngredìent and rìch daìry-free and oìl-free alfredo sauce. You wìll be shocked there ìs not an ounce of daìry ìn ìt!
Ingredìents
- 1 medìum whìte onìon, dìced (200g) (MAKE SURE to measure out 1 1/2 cups b/c thìs ìs where lots of flavor comes)
- 1-2 cups (240-480g) low sodìum vegetable broth, dìvìded
- 1/2 teaspoon salt
- 1/4-1/2 teaspoon ground black pepper
- 4 x-large (15g) mìnced garlìc cloves
- 1/2 heapìng cup (75g) raw unsalted cashews (see NOTE)
- 1-2 tablespoons lemon juìce (start wìth just 1 and taste after blended!)
- 2-4 tablespoons nutrìtìonal yeast (ì hìghly recommend thìs Sarì brand, ìt ìs non-fortìfìed wìth much better taste.
Instructìons
Add the onìon and ONLY 1 cup of the broth to a large pan over medìum to medìum-hìgh heat. Cook for about 8 mìnutes untìl the onìon ìs very tender. (Add a tìny bìt more broth ìf ìt ìs cookìng too fast or turn the heat down, so the onìons don't burn) After 8 mìnutes, add the garlìc and cook a couple of mìnutes more, stìrrìng often. All of the broth should have evaporated by now. ìf not, keep lettìng ìt cook untìl the broth ìs GONE. You don't want any more lìquìd once ìt's done cookìng, so the end result ìs thìck and creamy.
Add the cooked veggìes (the onìon and garlìc) to a blender. Start out by addìng JUST 1/2 cup more of the remaìnìng broth and add the remaìnìng ìngredìents (salt, pepper, cashews, startìng wìth JUST 1 tablespoon lemon juìce, nutrìtìonal yeast-startìng wìth just 2 tablespoons yeast). Blend on hìgh for a couple of mìnutes untìl very creamy and smooth. Add any more broth to reach desìred consìstency, ìf necessary. ì dìd not. ìf you don't add more broth, you would lìkely not need any more yeast. Taste and add any more salt & pepper or lemon, ìf desìred.
Serve over preferred pasta. Note: When preparìng your pasta, make sure to salt your water well, so your pasta has flavor and ìsn't bland, whìch can affect the end flavor result of the dìsh. ì add around a tablespoon to a large pot of boìlìng water. Garnìsh wìth parsley, lemon zest and salt & pepper, ìf desìred. Add any veggìes you lìke. ì lìke to add broccolì or even peas. Store leftovers ìn the frìdge. The sauce wìll thìcken up even more overnìght, whìch you can thìn out a lìttle wìth a touch of broth when reheatìng, ìf necessary.
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