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!
How to Make Salty, Crispy Skinned Oven Baked Potatoes
The secret to the best baked potato recipe is making baked potatoes that have a delicious salty, crispy outside skin that you and your family are going to want to eat! This is how most restaurants make their oven baked potatoes Just look at the photo below and take in the splendor that a crispy baked potato skin is. These are perfect baked potatoes, a crispy edible potato skin exterior that is left after you scoop out that fluffy, butter-soaked potato interior.
You would think that baking a simple potato wouldn’t have so many questions around it, but like anything else in cooking and baking, there are factors that affect the best way to make them! Here are a few basics for baking potatoes that will help you make the best tones ever!
Ingredients
- 4 medium/large russet potatoes scrubbed well
- 4 tbsp cold pressed canola oil or other neutral flavoured oil
- 4 tbsp flaked sea salt
Instructions
- Preheat your oven to 400 °F.
- Pierce each potato 3-4 times with the tines of a fork.
- Coat each one well in olive oil, then sprinkle with sea salt all over.
- Bake in the oven for 60-75 minutes or until they are fork tender. Remove and cool slightly on the baking sheet.
- To serve, once they are warm cut a slit lengthwise down the top of the potato, not cutting to the very end however. Take your fingers and place on either side of the potato and push the ends in towards each other to "pop" the center open ( it will look like a restaurant potato now!)
- Serve with butter and pepper, or any and all toppings!
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