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!
Chocolate Chip Cookie Dough Peanut Butter Fat Bombs
Looking for a quick and tasty recipe to help you get more fat in your diet? If you have family with busy schedule, you need to started to prefer InstantPot, Slow Cooker, and No cook foods.
These Chocolate Chip Peanut Butter Cookie Dough Fat Bombs to be made easily with ingredients that are probably already in your kitchen and of course as Low Carb-er. In addition, they're made from high-quality fats, not just heavy cream and stevia.
They are made with high quality dark chocolate and stevia, which fits perfectly into a low-carb setting.
CHOCOLATE CHIP COOKIE DOUGH PEANUT BUTTER FAT BOMBS RECIPEThese Chocolate Chip Peanut Butter Cookie Dough Fat Bombs to be made easily with ingredients that are probably already in your kitchen and of course as Low Carb-er. In addition, they're made from high-quality fats, not just heavy cream and stevia.
INGREDIENTS- 6 T Butter, softened (I prefer grass-fed, such as KerryGold)
- 6 oz softened Cream Cheese
- 3 T Gentle Sweet (or the equivalent of ¼ c sugar)
- 6 scoops Powdered MCT Oil
- 1 tsp Vanilla Extract
- ½ c Peanut Butter (sub almond butter for lower carbs)
- ¼ c Lily's Chocolate Chips
INSTRUCTIONS- Combine the butter, cream cheese, sweetener, vanilla extract and peanut butter in a bowl using a hand mixer or kitchen aid. Mix them really well, until completely combined.
- Stir in the Lily's Chocolate Chips, then cover and freezer for about 10 minutes.
- Remove the bowl from the freezer and use a cookie scoop to scoop cookie dough onto a wax-paper lined dish Place the cookie dough balls back in the freezer for 20-30 minutes, until firm.
- When they're completely frozen, remove the fat bombs from the freezer and place in a ziploc bag or container. Store them in the freezer until you're ready to eat them!
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