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!
Alabama Pecanbread
Alabama Pecanbread
When the mood to bake strikes you and you’re wondering what you should whip up, don’t fall back on the standard banana or zucchini breads. Not that we don’t love them, but there’s another, tastier dish you should make instead: sweet Alabama pecanbread. Same or similar ingredients that you’d use for either of the other two breads, but with a hearty amount of pecans to bring a sweet nuttiness to the bread that adds the best flavor and crunch when you bite into it.
People tend to feel that making bread is intimidating, which is what makes banana bread such an appealing alternative, but we’re pretty sure this is about to become your next go-to sweet bread. Perfect as a quick breakfast when you’re on-the-go, or for a little afternoon pick-me-up after a long day.
And of course, if there’s any left by the time you finish dinner, then, by all means, it makes a great dessert as well! Under 10 ingredients and you’ve got yourself a versatile dish with amazing flavor. A quick culinary trip to Alabama will definitely have you hooked once you try this!
Alabama Pecanbread
1 hour to prepare serves 12-16
INGREDIENTS
- 2 cups pecans, finely chopped
- 1 1/2 cups self-rising flour
- 1 cup sugar
- 1 cup brown sugar
- 1 cup vegetable oil
- 4 large eggs, beaten
- 1 teaspoon vanilla extract
- 1/4 teaspoon salt
PREPARATION
- Preheat oven to 350º F and lightly grease a 9x13-inch baking dish with butter or non-stick spray.
- In a large bowl, use a wooden spoon to stir together sugars (white and brown), eggs and oil until fully incorporated.
- Stir in flour and salt until incorporated, then mix in vanilla and fold in pecans.
- Pour batter into greased baking dish, then place in oven and bake for 30-35 minutes, or until toothpick inserted in center comes out mostly clean.
- Remove dish from oven and let cool at least 15 minutes before slicing and serving.
Recipe adapted from Just A Pinch
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