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!
NON-ALCOHOLIC PINEAPPLE MOJITO
As summer is approaching, I am really excited to try out different drink recipes. A few days back, I had shared a non-alcoholic strawberry sangria and peach lemonade recipes. Take a look, you may find it interesting. And, today I am going to share with you guys yet another non-alcoholic version of this popular drink known as mojito. Usually, mojito is prepared using white rum. However, I used grape juice instead of rum in this non-alcoholic version. If you are looking for non-alcoholic drink recipes, then I am sure you will enjoy this mojito.
This is so good and i really love it , because it is ....- healthy
- tempting
- refreshing
- easy to prepare
- naturally sweetened
- loaded with fresh fruit flavors
Non-Alcoholic Pineapple Mojito Recipe
Cool, refreshing skinny pineapple mojito that is naturally sweetened and healthy. Non-alcoholic and loaded with flavors from fresh fruits.
Ingredients
- 4-5 pieces of 1-2" pineapple pieces
- 4-5 leaves fresh mint
- 1 tbsp lime juice
- 1/2 cup chilled grape juice (if possible freshly prepared at home)
- 1/2 cup chilled sparkling water or soda
- 1 tsp agave (optional to adjust sweetness)
- ice cubes to serve
- few lime slices to garnish
Instructions
- In a small mixing bowl, add pineapple pieces and muddle them using the back of a wooden spatula for a couple of mins or until all pineapple pieces have broken into small pieces. Then, add mint leaves and again muddle for a few seconds to just bruise the leaves and release the essential flavors.
- Transfer the muddled mixture into a serving glass. Add ice cubes followed by grape juice, lime juice, sparkling water or soda.
- Adjust sweetener if necessary. Give it a gentle mix, add couple of lime slices and enjoy a glass of pineapple mojito this summer
Recipe Notes
To prepare fresh grape juice, blend 1 cup of fresh grapes with 1/4 cup of drinking water. Then using strainer strain the juice. It will give you 1 cup of fresh grape juice.
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