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!
RED VELVET OREO TRUFFLE BROWNIES
You guys, I am so excited to share these ridiculous new brownies with you today!! They are out of this world!!
These show-stopping bars start with a layer of ultra soft red velvet brownies, but are taken to the next level with Oreo truffle filling, and then are topped with sinfully rich chocolate ganache and mini chocolate chips. Total heaven in every bite!!
hese fabulous bars were inspired by one of my all time favorite bloggers, Pizzazzerie!! I fell in love with her Valentine’s Day Red Velvet Oreo Truffle Brownie Bars the second I saw them. I knew immediately I had to make them. My version is a little different, so be sure to check out her version as well!! :)
To celebrate these spectacular bars (and Valentine’s Day ;)) I am giving away a HOT PINK Raspberry Ice KitchenAid mixer!!!!!!! Keep reading to enter! :)
These are the perfect treat for Valentine’s Day. After I made them I was so in love with the results. I wanted to share these bars with everyone I know!! I texted all my neighbors and told them to come by and get one. They were a hit!!
INGREDIENTS:
- 1 box (18.25 oz) red velvet cake mix
- 1 cup butter, divided
- 2 eggs
- 1 package (about 36) whole Oreos
- 1 bag (11.5 oz) milk chocolate chips (about 1.5 cups)
- 1 bag (12 oz) mini chocolate chips (about 1.5 cups)
- 1 cup (1/2 pint) heavy whipping cream
DIRECTIONS:
- Preheat oven to 350 degrees F. Line a 9×13 baking dish with foil and coat with cooking spray. Beat together cake mix, 1/2 cup melted butter, and 2 eggs until fully combined and smooth. Press into the bottom of prepared pan and bake for 15-18 mins, until just set. Do not overbake.
- Crush whole Oreos in a Ziploc bag or food processor into fine crumbs. Stir together with remaining 1/2 cup melted butter and mix well. Pour over baked red velvet brownies and gently press down in an even layer.
- Place the milk chocolate chips in a medium-sized bowl. Bring the heavy cream to a low boil, then pour over chips. Let sit for 5 minutes, then whisk together until completely smooth and thick. Pour over Oreo layer. Top with mini chocolate chips. Refrigerate for 30-45 mins to allow chocolate ganache to set up. Cut into bars and serve.
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