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!
Amazing Chocolate Cinder Toffee
So Halloween is over. Up next? Bonfire Night!
I know what you’re thinking… you want a super quick, super easy, naturally vegetarian AND gluten free recipe right? Give this chocolate cinder toffee a go and I promise, you won’t regret it! Alternatively referred to as hokey pokey or honeycomb, it’s like making your very own, home made Crunchie bars. Awesome right?
In other news this week, I’ve also tried something a little different for you lovely lot. It’s the first ever KitchenMason step by step video! I hope you like it.
INGREDIENTS :
- 2 tbsp Honey
- 2 tbsp Golden Syrup
- 100g Caster Sugar
- 2 tsp Bicarbonate of Soda
- 150 – 200g Milk Chocolate*
- * for Gluten Free, check the wrapper as some are/some aren’t.
INTRUCTIONS :
- Line a 25cm square tin with baking paper and grease lightly with oil. Or, like me, just use a silicone tin as it won’t stick.
- In a large pan, add the honey, golden syrup and sugar. Mix it all together now as it’s not wise to do so when over the heat.
- Place the pan over a high heat and bring to the boil.
- Bring the mixture to 145°C (it will take approx 2-3 minutes from boiling point – if you don’t have a thermometer, watch the video to see what it should look like.)
- Now for the magic. Immediately turn off the heat, chuck in the bicarbonate of soda and give it a good whisk until you can’t see any more bicarb.
- Quickly pour it into your prepared tin and leave to cool & set for 30 minutes.
- When it’s hard, cut/break into large chunks.
- Either in a microwave or a glass bowl set over a pan of barely simmering water, gradually melt the chocolate until smooth.
- Place a sheet of greaseproof paper onto a baking sheet. Then dip each piece of cinder toffee into the chocolate, and allow to set on the sheet.
- Store in an airtight container and consume within 5-7 days.
- See, I told you it was quick and easy! Chocolate Cinder Toffee is seriously gorgeous stuff, I absolutely love it. Like glistening gold dust smothered in a smooth, silky chocolate coat… drool. Yeah, they ain’t gonna last long that’s for sure!
- I hope you enjoyed this week’s post, until next time my lovelies.
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