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!
Vegetable Soup
Minestrone - delicious vegetable soup
This soup was especially fond of the genius of the Renaissance - Leonardo da Vinci. The soup is thick and more like a vegetable stew than soup. But since the Italians call it soup, so be it.Soup is prepared quickly and the most delicious is obtained in the summer. Such a soup is light and at the same time satisfying, and perfectly fits into your daily menu. You can cook it on any broth or on water.
Ingredients
- 1.5 liters of broth
- 100 grams of pork smoked bacon
- 1 large tomato
- 1 zucchini
- 2 potatoes
- 100 grams of green peas
- small bulb
- 1 carrot
- 1 Bulgarian pepper
- 50 grams of rice
- 50 grams of Parmesan cheese
- 30 grams of vegetable oil
- celery to taste
- 1 clove of garlic
- salt
Preparation
- Preparing the vegetables. We rinse the tomatoes, zucchini and cleanse. Peel potatoes. Onion is peeled from the husk, the Bulgarian pepper is removed seeds and tail. We clear the carrots from the skin. All the prepared vegetables cut into cubes. Chop the celery. Garlic is cleaned, cut into pieces, put in a mortar and rub with salt.
- Cut small pieces of smoked bacon. Take a large pot and pour in it with vegetable oil. And then put the onions and fry until golden brown. We add to it the brisket and all the prepared vegetables, including garlic. All well mix, bring to a boil, pour in broth, cover with a lid and simmer for 10 minutes.
- Rinse the prepared rice and add to the stewed vegetables. We mix everything well and continue to cook for another 30 minutes. Then add the green peas and mix again. Soup cook for 5 more minutes and remove from heat. Leave in this form for 5-7 minutes, then served to the table, sprinkled with grated cheese
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