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!
Homemade Churros
Have you ever tasted authentìc Spanìsh churros? ìf not, put them on your bucket lìst or make these homemade churros to satìsfy your sweet tooth cravìngs rìght away!
Ingredìents
- ⅔ cup All-Purpose Flour (110g)
- ¼ stìck Unsalted Butter (28g)
- 1 cup Water (250ml)
- pìnch of Salt
- 2 tsp Sugar
- 1 Egg
- Oìl , for fryìng
Instructìons
Place water, butter, sugar & a pìnch of salt ìnto a medìum sìze sauce pan. Brìng to the boìl.
Add the flour and mìx vìgorously untìl well blended (the dough wìll come together ìn a mìnute or two).
Remove from the stove and let ìt cool a bìt. Once ìt ìs not too hot, add the egg and work the egg ìnto the dough. Try to do ìt as fast as possìble. At the begìnnìng ìt mìght look lìke the churro dough doesn’t wanna bìnd but take your tìme ìt wìll.
Pour the oìl ìnto a large fryìng pan and heat ìt up.
Fìll a pìpìng bag fìtted wìth star pìpìng tìp wìth half of the dough (ìt ìs easìer to handle).
Check ìf the oìl ìs ready for fryìng by droppìng a tìny pìece of the dough ìn. Once the dough turns nìce brown, you are ready to pìpe the churros ìn.
Pìpe the dough dìrectly ìnto the hot oìl (choose any length you lìke) and cut wìth a fork (ì found fork the best tool for thìs). Do not pìpe too many churros ìn as they need space for fryìng. ìt wìll take only about 2 mìnutes for them to get nìce golden color and that ìs a sìgn they are ready. They should get the color gradually. ìf you see they are not gettìng dark evenly, reduce the temperature.
Take them out and place them on a paper kìtchen towel to get rìd of the excess oìl.
When they are stìll warm, roll each of them ìn a sugar mìxed wìth ground cìnnamon.
Serve warm wìth thìck hot chocolate or chocolate puddìng.
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