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!
Frozen Banana Yogurt Bites
Frozen Banana Yogurt Bites
Frozen Banana Yogurt Bites recipe - Simple healthy snack idea with only 3 ingredients - easy recipe for kids.
Frozen Banana Yoghurt Bit
Course: Snack
Cuisine: British, Vegetarian
Servings: 12 bites
Author: Grace Hall
Prep Time 5 mins
Freezing Time 2 hrs
Ingredients
- 1 large ripe banana
- 150 g Yoghurt of your choice (we used natural yoghurt)
- Handful of dried banana chips (optional)
Instructions
- Lay out approximately 12 cupcake cases or silicone muffin cups on a small baking sheet or tray (this will need to fit in your freezer, so it may be worth checking it for size before you start).
- Peel the banana and pop it onto a plate. Mash up with a fork until most of the lumps have gone. Young children might find this step easier to do with a potato masher if you have one.
- Tip the mashed banana into a bowl and dollop in the yogurt. Whisk together until well combined.
- Using a spoon, dollop some yogurt and banana mixture into the bottom of each cake case until all the yogurt has gone. Top with the banana chips if wanted. We topped half of ours with whole ones and half with broken pieces, I think both ways looked great!
- Place the cups (still on the baking tray) into the freezer and leave to freeze for a couple of hours until set solid.
- Once frozen through, remove from the cases and serve (or bag up and pop straight back in the freezer to eat later).
Recipe Video
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