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!
Healthy Cookie Dough Dip
Healthy Cookie Dough Dip
Especially with the summer weather approaching, this cookie dough dip is a great way to get your chocolate chip cookie fix without turning on the oven.
I refuse to believe one must give up delicious food in order to be healthy… Healthy food can taste incredible when it’s prepared the right way.
I refuse to believe one must give up delicious food in order to be healthy… Healthy food can taste incredible when it’s prepared the right way.
Ingredients
- 1 1/2 cups chickpeas or white beans (1 can, drained and rinsed very well) (250g after draining)
- 1/8 tsp plus 1/16 tsp salt
- just over 1/8 tsp baking soda
- 2 tsp pure vanilla extract
- 1/4 cup nut butter of choice (If you use peanut butter, it will have a slight pb cookie dough taste, so if you don't want this, try the Deep Dish Cookie Pie, unbaked. instead)
- up to 1/4 cup milk of choice, only if needed
- Sweetener of choice (see note below, for amount)
- 1/3 cup chocolate chips
- 2-3 tbsp oats or flaxmeal
Instructions
- Add all ingredients (except for chocolate chips) to a good food processor, and process until very smooth. Then mix in the chocolate chips. (Some commenters have had success with a blender, but I did not. Try that at your own risk, and know the results will be better in a high-quality food processor such as a Cuisinart.) If made correctly and blended long enough, this should have the exact texture of real cookie dough!
- See the following link for: Sugar-Free Cookie Dough Dip
- Sweetener Notes: I used 2/3 cup brown sugar when I first made this for the party. Liquid sweeteners (agave, maple, etc.) are fine as well, as is evaporated cane juice. You can get away with less sugar– some people will be perfectly fine with just 3 tbsp for the whole recipe! And if you don’t want any sugar, be sure to check out the “no-sugar” version linked above.
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