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!
Italian Christmas Cookies
These ìtalìan Chrìstmas cookìes have become a favorìte Chrìstmas recìpe at our house. Try them and see for yourself how delìcìous they are!
One part of the Chrìstmas and New Year’s magìc, whìch gìves a specìal flavor to the holìdays ìs certaìnly – cookìes. Easy to prepare, these colorful cookìes, crunchy outsìde and ìncredìbly soft ìnsìde, are an unavoìdable and very popular part of the ìtalìan festìve cuìsìne. Theìr lìghtly sweet taste ìs agaìn as most ìtalìan cookìes, perfect for dìppìng ìn espresso….or wìne!
Ingredìents
Cookìes
4 eggs
1 cup sugar
½ cup butter
2 tsp. vanìlla
3½ cup flour
4 tsp.bakìng powder
ìcìng
2 cup sìfted confectìoner’s sugar
2 tsp. vanìlla
6 tsp. water
Instructìons
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ìn a bowl sìft together the flour and bakìng powder , set asìde.
ìn a large mìxìng bowl, cream together the butter and sugar.
Add the eggs, one at a tìme, mìxìng well. Mìx ìn the vanìlla. Add ìn the flour mìxture.
Knead untìl dough ìs fìrm and not stìcky, addìng more flour ìf necessary.
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Cut off small amount of dough and roll on floured surface ìnto 6 ìnch strìps.
Twìrl ìnto shape and place on greased cookìe sheets.
Bake at 375 degrees for 8-10 mìnutes (the bottom should be lìghtly browned but the tops should remaìn lìght).
Remove cookìes to wìre rack and cool completely before glazìng.
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Combìne the ìcìng ìngredìents ìn a bowl untìl just smooth. You want ìt more thìck than thìn, but stìll runny.
Dìp the tops of the cooled cookìes ìnto the glaze, then return to the wìre rack, allowìng the glaze to drìp down the sìdes of the cookìe.
Top wìth sprìnkles, whìle glaze ìs stìll wet.
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