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!
ONE BITE CHURROS BALL
Homemade churro bites; deliciously golden with a crunchy, sweet crust and warm, moist inside. Small enough to just pop right into your mouth; one after the other. And the aroma! Let me just say… its SO YUMMY !
I think everyone will love this snack, you know .. who doesn't like churros ?!
With this recipe, you can have hot, delicious churros in a matter of mere minutes . You can thank me later, while you wipe cinnamon-sugar from your face. Now go make some!
ONE BITE CHURROS BALL RECIPEEasy-to-make, and even easier-to-eat cinnamon and sugar churro bites.
Ingredients- 1 cup water
- 1 cup all purpose flour
- 2 1/2 tablespoons granulated sugar
- 1/2 cup butter, cut into pieces
- 3 eggs
- 1/4 teaspoon salt
- Oil for frying (I used Canola)
For the coating- 1/2 cup granulated sugar
- 1 teaspoon cinnamon
Instructions- Heat 2 inches of oil in a large pot over medium heat until oil reaches 365 degrees. Add water, salt and butter to a medium sized saucepan. Heat over medium-high heat, stirring occasionally, until butter is melted. Remove from heat.
- Add the flour and 2 1/2 tablespoons sugar, stirring until no lumps remain.
- Add the eggs, one at a time, stirring well after each addition. The dough should look smooth and silky.
- Once the mixture is cool enough to handle, roll into 1 1/2 inch balls. Fry 4-5 balls at a time, removing with a wire strainer once they are golden-brown.
- Allow the churro bites to drain on a wire cookie rack, until cool enough to handle, but still warm/hot.
- Now, mix the remaining sugar and cinnamon in a bowl.
- Roll the churro bites in the cinnamon-sugar mixture until well coated. Best when eaten warm.
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