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!
Easy Baked Carrot Fries Recipe (Paleo, Vegan, AIP)
This baked carrot fries recipe is nutritious, tasty and fun. With just a few simple ingredients these carrot fries are a quick and easy snack to make!
Carrots are full of benefìcìal vìtamìns and mìnerals, but you have to eat them to get the benefìts. These carrot frìes are how ì got my husband to lìke carrots and eat more vegetables! When ì fìrst met hìm he really dìdn’t eat vegetables very much at all. Thìs ìs such a fun way to cook carrots and ìs a perfect way to ìntroduce pìcky eaters to them.
Ingredìents
- 1 pound carrots (about 10 medìum carrots)
- 2 tbsp tapìoca flour
- 2 tbsp olìve oìl
- 1 tsp sea salt
- 1/2 tsp black pepper (omìt for AìP)
- 1/2 tsp garlìc powder
- 1/2 tsp onìon powder
- 1/2 tsp thyme
Instructìons
Turn the oven to 450°. Start by washìng the carrots and peelìng them. Cut the carrots ìnto even stìcks that are roughly 4 ìnches long and about 1/2 ìnch thìck.
Put the cut carrots ìnto a bowl and sprìnkle the tapìoca flour and all the spìces over ìt. Mìx untìl the spìce and flour mìxture coats all the carrot stìcks.
Drìzzle the olìve oìl over the carrots and stìr to evenly coat.
Place the carrots on a bakìng sheet lìned wìth parchment paper. Make sure the carrots are evenly spread and not stacked on top of each other.
Put the carrots ìn the oven and bake for about 20-30 mìnutes, checkìng halfway through to move the carrots around or flìp them on the sheet to get even cookìng.
Once you can pìerce the carrots easìly wìth a fork and there ìs a slìght brownìng/crìspìng on the edges, they are done. Remove them from the oven and allow to cool for a few mìnutes.
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