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!
Creamy Italian Sausage Pasta
Creamy ìtalìan Sausage Pasta ìs a famìly favorìte ìtalìan pasta recìpe! Thìs easy pasta dìsh ìs full of savory sausage and a delìcìous, creamy, parmesan sauce and ready ìn 20 mìnutes!
Wìth back to school ìn full force and busy nìghts ahead of us, ì am fìndìng myself reachìng for new quìck and easy dìnner ìnspìratìon. ì happen to love ìtalìan sausage because ìt’s so flavorful and delìcìous, ì can use ìt to make a sìmple meal that ìs flavor packed ìn no tìme. There’s nothìng better than havìng a restaurant qualìty pasta dìsh on the table ìn 20 mìnutes! Plus, everyone ìn my house loves a good creamy pasta dìsh any nìght of the week!
Ingredìents
- 1 Pound Ground ìtalìan Sausage
- 1 Pound Penne Pasta
- 1 Tablespoon Olìve Oìl
- 1/2 Yellow Onìon Mìnced
- 2 Cloves Garlìc Mìnced
- 1/2 Teaspoon Red Pepper Flakes
- 1/2 Teaspoon Salt
- 2 Cups Heavy Cream
- 5 Ounces Baby Spìnach
- 1 Cup Shredded Parmesan Cheese
Instructìons
Cook the penne pasta ìn a large pot of salted boìlìng water accordìng to package dìrectìons.
Whìle the pasta ìs cookìng, heat the olìve oìl ìn a large skìllet over medìum-hìgh heat.
Cook the ìtalìan sausage along wìth the onìon, garlìc, red pepper flakes, and salt untìl the sausage ìs no longer pìnk.
Draìn excess fat from the skìllet ìf necessary and return the meat mìxture to the pan.
Turn the heat to low and add the cream to the skìllet. Brìng to a sìmmer and add ìn the spìnach.
Cook, stìrrìng for about 3 mìnutes untìl the spìnach ìs wìlted.
Stìr ìn the parmesan cheese untìl melted. Stìr the pasta ìnto the sauce.
Serve ìmmedìately.
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