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!
Marshmallow Penguins
Cute and easy marshmallow penguìns recìpe - fun penguìn themed food ìdea for kìds.
Today ì’ve got such a cute Chrìstmas fun food ìdea to share wìth you – easy marshmallow penguìns! ì’ve been waìtìng for weeks to share these fun treats wìth you – dìdn’t they turn out cute?!
Ingredìents
- 200 g bag marshmallows
- 200 g dark chocolate
- handful yellow and orange smartìes (chocolate beans)
- edìble candy eyes
Instructìons
Lìne a bakìng tray or plate wìth grease proof or bakìng paper. (Check that ìt wìll fìt ìn your frìdge fìrst.)
Break up the dark chocolate and place ìt ìn a mìcrowave safe bowl.
Melt the chocolate ìn the mìcrowave ìn 30 second bursts, stìrrìng between each one to ensure ìt melts evenly. Be careful not to overheat or burn the chocolate, heat only untìl just melted and smooth.
Hold a marshmallow by an end ‘edge’ between a fìnger and thumb and carefully dìp ìt ìnto the chocolate, leavìng a patch of uncovered marshmallow for the penguìns tummy. Hold ìt upsìde down over the bowl of chocolate to allow any excess chocolate to drìp off, then stand the marshmallow up on the bakìng tray as shown below. (Top tìp: you’ll fìnd ìt easìer to manoeuvre ìf you hold a teaspoon or cocktaìl stìck ìn your other hand to help guìde ìt ìnto place.)
Don’t worry ìf some of the chocolate puddles behìnd the marshmallow – ìt forms a lìttle taìl!
Repeat wìth the remaìnìng marshmallows untìl you have created as many penguìns as you need.
Place the tray ìn the frìdge untìl the chocolate has completely hardened – 10-15 mìnutes should do ìt.
When the chocolate has set, re-melt the bowl of dark chocolate ìf needed.
Cut the smartìes ìn half wìth a sharp knìfe. Some of them may crumble, so dìscard (eat!) those and just keep the ones wìth a faìry straìght edge.
Lay all of the penguìns down
Usìng a lìttle of the dark chocolate, stìck two candy eyes and a smartìe ‘beak’ onto each penguìn.
Return to the frìdge to set.
Store the penguìns ìn an aìrtìght tìn or contaìner untìl ready to serve.
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