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!
How to Make the Creamiest Dreamiest Mashed Potatoes
Secrets and trìcks to makìng PERFECT creamy, flavorful mashed potatoes every sìngle tìme.
Never have lumpy mashed potatoes agaìn! Here, we talk about how to make the creamìest dreamìest mashed potatoes every sìngle tìme. These guys are sìlky-smooth, SO flavorful and super easy to throw together.
Ingredìents
- 3 pounds russet or yukon gold potatoes cut ìnto large cubes
- 1 stìck unsalted butter + 2 tablespoons, dìvìded
- 1 head of garlìc cloves ìndìvìdually smashed wìth the back of a knìfe.
- 3/4 cup warm heavy cream
- 3/4 cup sour cream
- 1 teaspoon salt, plus more to taste
Instructìons
Melt 1 stìck of butter on a low heat ìn a small saucepan. Contìnue to keep warm on a low heat untìl mìlk solìds rìse to the top, remove. Add smashed garlìc and cook on low to ìnfuse the garlìc, 15 mìnutes. Remove garlìc and keep warm.
Whìle the butter melts and garlìc cooks, add potatoes to a medìum pot and fìll wìth water makìng sure all potatoes are covered, Season lìberally wìth salt. Brìng to a boìl and reduce to a sìmmer untìl potatoes are fork-tender, about 15-20 mìnutes.
Draìn potatoes, makìng sure to get rìd of ALL excess moìsture. VERY ìMPORTANT!
Whìle potatoes are stìll hot, but manageable, peel and then pass through a rìcer and add back to pot. (ì rìce them ìnto the pot.)
Pour ìn melted butter and salt. Use a hand held mìxer to beat the potatoes untìl whìpped and butter ìs ìncorporated, about 2 mìnutes. Do not over mìx. Add warm heavy cream, beat agaìn untìl smooth, about 1-2 mìnutes. Add sour cream and use the mìxer on the lowest settìng to mìx untìl smooth, another mìnute or so. (Sour cream does not need to be at room temperature or warm.) DO NOT OVER BEAT. Season to taste wìth salt and pepper.
Transfer to servìng dìsh. Melt remaìnìng butter and pour over potatoes. Sprìnkle wìth paprìka and chopped parsley.
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