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!
Reese's Peanut Butter Fudge
Reese's Peanut Butter Fudge is luscious and creamy, made with chunks of peanuts throughout the fudge to give it the perfect crunch. This Reese's Peanut Butter Fudge is a simple recipe with just 4-ingredients! It comes together in just 10 minutes.
I have been making it over and over again to give for gifts, and you better believe this is on my holiday gift giving list! Fudge for everyone.
Naturally, I had to make a thank you treat, and Reese's Peanut Butter Cups were on the top of my mind. I thought that topping this simple peanut butter fudge with a truckload of peanut butter cups and milk chocolate would really put them over the top and believe you me; I was right!
They were absolutely incredible, and everyone went nuts over them. I have made these 4 times in the last week, and I have to say everyone has raved about them, and I know you will too.
Enjoy!
INGREDIENTS:
- 16 ounces vanilla-flavored candy coating (Almond Bark or white chocolate chips)*
- 2 cups super crunchy peanut butter (about 18 ounces)
- 8 Reese's Peanut Butter Cups (chopped)
- 1/4 cup milk chocolate chips (melted)
intructions:
- Line an 8"x8" baking pan with aluminum foil. Set aside.
- Melt candy coating in a heat safe bowl. Microwave at half power for 30 seconds at a time until melted and smooth.
- Add peanut butter. Stir until completely combined and smooth.
- Pour into prepared baking pan. Sprinkle with Reese's Peanut Butter Cups. Gently press Reese's into peanut butter fudge, so they are about 1/2 submerged in the fudge. This will help keep them from falling off when you cut the fudge.
- Drizzle melted milk chocolate over top.
- Freeze 30 minutes (or refrigerate 1 hour) or until fudge is firm. Lift the fudge out of the pan using the aluminum foil edges. Unwrap the foil. Check to make sure all the foil is off. Cut into bite size pieces.
- Store in the refrigerator. Enjoy!
- DONNA'S NOTES: *You can use CandiQuik or Almond Bark Vanilla Candy Coating. Wilton candy melts would also work. You can also substitute white chocolate chips. There are not any almonds in Almond Bark. It is just the product name.
- I use a chef's knife to cut the fudge. You can warm the knife in hot water and then dry it and slice it perfectly.
- You can package these up in mini treat bags for great gifts.
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