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!
Texas Roadhouse Rolls
These Copycat Texas Roadhouse Rolls are brushed with sweet honey butter and can be made in a bread machine or by hand! A perfect side dish idea for holidays and family dinners!
Guys, I’m not a baker by a long shot. So if I can nail down these rolls, you have an amazing shot of doing the same. I’ve been making these rolls for years, it’s the only time you’ll see me with a rolling pin.
The ingredients that you need are incredibly simple, and you can even use a bread maker for these!
Texas Roadhouse bread rolls are one of the most sought out copycat recipes. Well my friends, search no more. Our best Texas Roadhouse Copycat Bread Rolls recipe is here and just in time for Game Day!
INGREDIENTS :
- 1 ¼ cup Milk
- 1 teaspoon salt
- 4 Tablespoons melted Butter, separated
- 1 large Egg, at room temperature
- ¼ cup Honey
- 4 cups all-purpose Flour, or Bread Flour
- 2 ¼ teaspoon Active Dry Yeast, or 1 packet
INTRUCTIONS :
- If using a bread machine, see next section below.
- Bring the milk to a near boil. Remove it from heat when you see it begin to steam and small bubbles form on the side of the pan. Let it reduce lukewarm, between 80-90 degrees.
- Mix the milk, yeast, and honey in a small bowl until well combined. Let it sit for 5 minutes.
- In a large bowl, mix 3 tablespoons of the butter, the milk mixture, the room temperature egg, and 2 cups of flour. Mix slowly until smooth. (Use a mixer with a dough hook if you have one, otherwise it works by hand.) Gradually add the remaining 2 cups of flour and mix until a dough has formed.
- Add salt, and mix/knead for 8 minutes. Then drop the dough onto a floured surface and knead for a few more minutes.
- Spray a large bowl with cooking spray and drop the dough inside. Cover the bowl (plastic wrap or a damp cloth works) and let it rise for an hour in a warm place.
- Punch down the dough and roll it out on a flat, floured surface until it’s about ½ inch thick. Fold it in half and gently seal.
- Cut into 24 squares of even size and place on 2 lightly greased cookie sheets. Cover them and let them rise for 30-40 minutes,, until doubled in size.
- Preheat oven to 350 degrees and bake for 12-15 minutes, or until the top is a light golden brown.
- Melt the remaining tablespoon of butter and brush the top of the rolls.
- Serve with Copycat Texas Roadhouse Butter.
Recipe Adapted From
Copycat Texas Roadhouse Rolls
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