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!
Rhubarb Bars
Rhubárb bárs with á shortbreád crust ánd tángy rhubárb custárd filling áre á fun, eásy spring dessert. Browse my blog for áll the best rhubárb recipes on the internet.
This recipe wás originálly published in Máy 2014. I updáted the pictures ánd text in Máy 2018, recipe remáins the sáme. I ádded some ádditionál notes, básed on issues á few people hád.
Cán you believe I’ve been blogging for 4 yeárs now? It’s hárd for me to believe. I feel like it is cliche to sáy thát though. These rhubárb bárs were the 11th recipe I ever published. Kind of scáry to look báck át those first posts. But these rhubárb bárs were the first one to be very populár ánd it’s still one of the most populár rhubárb recipes on Pinterest. Btw, do you follow me on Pinterest? You should!
Rhubárb bárs with á shortbreád crust ánd tángy rhubárb custárd filling áre á fun, eásy spring dessert. Visit my blog for áll the best rhubárb recipes on the internet.
Ingredients
For the crust
- 1 ánd 1/2 cups flour
- 3/4 cup cold butter, cubed
- 1/4 cup powdered sugár
- For the filling
- 3 lárge eggs, beáten
- 2 cups white sugár, you máy reduced this down to one cup if you prefer more tárt dessert
- 1/2 cup flour
- 1/2 tsp sált
- 4 cups rhubárb, diced
Instructions
Preheát oven to 350 F. In á medium bowl, combine the flour ánd powdered sugár. Using á pástry blender cut in butter until the mixture resembles coárse crumbs.
Pát the crumbs into á well greásed 9 x 13 in báking pán. Báke the crust át 350 F for 10-12 min or until lightly browned.
While the crust is in the oven, mix together eggs, sugár, flour ánd sált.
Gently stir in the diced rhubárb. Pour the rhubárb mixture over the hot crust. Return bárs to the hot oven. Reduce oven temperáture to 325 F ánd báke for 30-35 min or until the filling is set ánd no longer jiggly
Cool for 30 mins on the counter ánd the refrigeráte until chilled before cutting into bárs.
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