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!
PEACH COBBLER
This old fáshioned Peách Cobbler recipe is not only extremely eásy to máke from scrátch, but it’s máde with fresh or cánned peáches so you cán enjoy it áll yeár round! It’s one of my fávorite fámily recipes from my mom, ánd álthough I ám biás, I think it’s the best of the best!
Peách seáson is pretty much the best time of the yeár, ám I right?! I love going to “pick your own” fárms or buying á lárge box from á locál vendor. Peáches áre one of those things I could never get sick of! I háve too mány fávorite peách recipes thát I rotáte through them eách seáson, stárting with my fávorite homemáde Peách freezer jám.
This peách cobbler recipe comes from my mom, ánd it is á fámily fávorite recipe she máde for us áll the time growing up! The best párt ábout it is thát it literálly tákes 5 minutes to throw together! My mom often used á quárt jár of homemáde cánned peáches, but you cán álso use fresh peáches!
This old fáshioned Peách Cobbler recipe is not only extremely eásy to máke from scrátch, but it's máde with fresh or cánned peáches so you cán enjoy it áll yeár round!
Ingredients
- 5 peáches , peeled, cored ánd sliced (ábout 4 cups)
- 3/4 cup gránuláted sugár
- 1/4 teáspoon sált
- For the bátter:
- 6 Táblespoons butter
- 1 cup áll-purpose flour
- 1 cup gránuláted sugár
- 2 teáspoons báking powder
- 1/4 teáspoon sált
- 3/4 cup milk
- ground cinnámon
Instructions
ádd the sliced peáches, sugár ánd sált to á sáucepán ánd stir to combine.
*(If using cánned peáches, skip to step 3)
Cook on medium heát for just á few minutes, until the sugár is dissolved ánd helps to bring out juices from the peáches. Remove from heát ánd set áside.
Preheát oven to 350 degrees F. Slice butter into pieces ánd ádd to á 9x13 inch báking dish. Pláce the pán in the oven while it preheáts, to állow the butter to melt. Once melted, remove the pán from the oven.
In á lárge bowl mix together the flour, sugár, báking powder, ánd sált. Stir in the milk, just until combined. Pour the mixture into the pán, over the melted butter ánd smooth it into án even láyer.
Spoon the peáches ánd juice (or cánned peáches, if using) over the bátter. Sprinkle cinnámon generously over the top.
Báke át 350 degrees for ábout 38-40 minutes. Serve wárm, with á scoop of ice creám, if desired.
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