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!
BEST ROAST TURKEY RECIPE
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It’s Thanksgiving week on the blog!! {Scroll to the bottom of the post for all Thanksgiving recipes and posts}
Last week my six year old had his tonsils out and because my husband would be traveling for work my mom was gracious enough to come down from Virginia to help me out during the week. She was a HUGE help with both my youngest during his recovery but also with my older two boys. It was her first time visiting since we moved in our new house and we had a great visit. One of the evenings she was here we went through old family recipes and decided to make a Thanksgiving meal together even if it was a month early so I could share the recipes with you here today. Today we, of course, start with the star of the show-the turkey! I love this Thanksgiving Turkey Recipe because it’s way too easy and almost fail-proof!
Roasting a Thanksgiving Turkey is easier than you think-a few simple steps will have your main dish perfectly cooked and ready for guests!
INGREDIENTS
- turkey (recipe is based on 10-12 pounds, adjust cook time for smaller or larger bird)
- 1 teaspoon pepper
- 1 teaspoon salt
- 1 teaspoon dried parsley
- 1 teaspoon dried sage
- 3 sprigs fresh rosemary
- 2 sprigs fresh thyme
- 1 lemon, quartered
- 2 apples, halved
- 1 yellow onion, peeled and quartered
- 3 tablespoons butter or olive oil
INSTRUCTIONS
- Remove defrosted turkey from refrigerator and allow to warm to room temperature 30-45 minutes.
- Preheat oven to 400 degrees. Prepare a roasting pan with a rack and spray with nonstick spray.
- Remove neck and giblets from turkey cavity. Rinse with water and pat dry with paper towels. Move turkey to the rack.
- In a small bowl combine salt, pepper, and dried herbs. Use hands to rub mixture inside the cavity to coat. Add fresh herbs, onion, apple, and lemon to the cavity. Brush outside of turkey with olive oil or melted butter. Flip turkey over so that the breast side is down and brush remaining areas with butter or olive oil.
- Place turkey in the oven uncovered and cook for one hour. Lower heat to 350 degrees and cook another hour. Remove turkey from oven and carefully turn over so breast side is facing up. Return to oven and cook an additional 30 minutes or until a thermometer stuck in the thickest part of the thigh and/or breast reads 165 degrees. If your turkey is getting too brown on top loosely tent with aluminum foil.
- After removing from oven tent with aluminum foil and allow to rest 45 minutes before serving.
NOTES
Keep an eye on your turkey after the first hour of cook time. All ovens cook differently and cook times will vary. Estimate 15 minutes per pound for this recipe (stuffed turkeys will take longer.)
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