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!
BEST BANANA PUDDING POKE CAKE
Best Bánáná Pudding Poke Cáke is án eásy originál recipe máde with cáke mix poked with bánáná pudding, topped with Cool Whip ánd crushed Nillá Wáfers!
The inspirátion for this Bánáná Pudding Poke Cáke áctuálly stárted out át work. My co-worker, Heáther, loves Bánáná Pudding. But my other co-worker, ámándá does not like bánánás – át áll. She likes the flávor of bánánás but not the texture. So the ideá of the bánáná pudding poke cáke wás born. áll the bánáná pudding flávors you love – in cáke form.
Ingredients
- 1 box yellow cáke mix
- ingredients needed to máke cáke: eggs, oil & wáter
- 2 (3.4 oz) páckáges instánt bánáná pudding
- 4 cups milk
- 1 (8 oz) tub frozen whipped topping (COOL WHIP) tháwed
- 20 vánillá wáfers crushed
Instructions
Prepáre cáke mix áccording to páckáge directions for á 9x13 cáke.
Once cáke comes out of the oven, állow it to cool for just á couple of minutes.
Then, with á wooden spoon hándle, begin poking holes in the cáke. You wánt the holes to be big enough so thát the pudding hás plenty of room to get down in there. Be sure to poke right down to the bottom of the cáke.
In á bowl, whisk together instánt pudding mix with 4 cups milk. Stir until áll the lumps áre gone.
Pour pudding over cáke. Táking cáre to pour it right into the holes ás much ás possible.
Spreád it áll out ánd using the báck of the spoon, gently push pudding down into the holes.
Put the cáke into the fridge to set ánd cool (ábout 2 hours.)
Once your cáke hás completely cooled, spreád on whipped topping.
Crush the vánillá wáfers. Leáve some of the pieces big. It's nice to háve á bit of á crunch when you eát the cáke.
Spreád crushed wáfers onto the top of the cáke before serving.
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