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!
OVERNIGHT FRENCH TOAST CASSEROLE RECIPE
We just made this delicious overnight french toast casserole recipe the other day for “brinner” (breakfast for dinner) and I almost forgot how good it was. The entire family loved it! 🙂
Now I recommend letting it sit overnight, but I just didn’t plan that ahead (that is why you should always have a menu plan). You can easily make this recipe without it sitting overnight – just decrease the milk by 50%. It still tastes great but probably not as delicious as letting it sit overnight. 🙂
Either way, you can still have delicious french toast casserole. Now if want it to taste even more amazing – drizzle homemade pancake syrup on top and then sprinkle powdered sugar. YUM!
INGREDIENTS
- ½ loaf of bread (about 10 slices plus one heel) cut into chunks -You could use old stale bread. You could also use different types of bread for different flavors.
- 4 eggs
- 1½ cups milk
- 4 Tablespoons of Sugar (divided in half)
- ¼ teaspoon salt
- 1 teaspoon vanilla extract
- 1 teaspoon ground cinnamon
INSTRUCTIONS
- Spray bottom of pan with cooking spray or coat with melted butter. Cut bread into chunks and spread evenly in a 9×13 pan.
- Mix together eggs, milk, 2 Tablespoons of sugar, salt, and vanilla. Pour over bread. Mix to coat (feel free to get your hand dirty). 😉
- In a small separate bowl mix together 2 Tablespoons of sugar and 1 Tablespoon of cinnamon. Sprinkle this mixture over the entire pan until it is gone.
- If wanting to eat now:Cover and place in fridge over night. (you could cook immediately, but it is much better if you let it sit over night) The next morning cook in 350 degree oven for 45 to 50 minutes until golden brown.
- If wanting to freeze:Cover with foil and freeze. When you are ready, thaw overnight in fridge. Cook in 350 degree oven for 45 to 50 minutes until golden brown.
- Optional ideas:If you are afraid it may dry out, place a few tabs of butter on top when you bake it. When serving I have drizzled with syrup right before serving, or I have sprinkled with with powdered sugar. Either way is fabulous!
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