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!
Christmas Crunch {Funfetti Popcorn Christmas Style}
Easy and festive Christmas treat? Where? I’m definitely in! I posted this delicious treat back during Easter time and it was called Bunny Bait. In the post I’d mentioned a few other holiday ideas you could do with the same recipe and here’s one of them.
This is one of the best treats ever! I’m so glad Bake at 350 came up with such a simple and delicious idea (such a great blog by the way be sure to check it out). It seriously only takes about 5 minutes to whip up this treat, so wouldn’t it be a perfect gift to give during the hectic holidays? I say it’s the perfect “energy” snack for me during the holidays =). It definitely keeps me going! Just a warning, this stuff is addictive so yes it’s a dangerous thing. Easy to make but hard to stop eating. I want to make it every day. It’s such a versatile snack that has such a delightful crunch.
These Christmas crunch treats a perfect little gift for parties.
Ingredients
- 1/2 cup popping popcorn kernels , or 2 bags tender white popcorn
- 1 (12 oz) bag Vanilla Candy Melts (such as Wilton Candy Melts)
- 1 1/3 cups broken pretzel pieces
- 1 (12 oz) bag green and red Milk Chocolate or Mint M&Ms
- Red , green and white Sprinkles (I used Jingle Mix Nonpareils)
Instructions
- Pop popcorn in a popcorn popper into a large bowl (or alternately in the microwave if using microwave bags of popcorn) according to manufactures directions. Remove any unpopped popcorn kernels. Toss in broken pretzel pieces and M&Ms.
- Melt Vanilla Candy Melts in a microwave safe bowl on 50% power in 30 second intervals, stirring after each interval until melted and smooth. Drizzle half of melted chips over popcorn mixture, then stir, tossing gently a few times with a rubber spatula.
- Then drizzle remaining half of melted chips over popcorn, and gently stir mixture until evenly coated (don't over stir though or your sprinkles wont stick if the white chips begin to set and harden).
- Pour mixture into a single layer onto wax paper. Sprinkle entire mixture evenly with sprinkles (as many as you'd like) before vanilla chips set. Allow to cool and harden, then gently break into pieces and store in an airtight container.
Note: I was able to fill 8 - 9 1/2"x 4" party treat bags about 2/3 full with this recipe, just to let you know so you have an idea for gift giving.
*These can be found in the cake decorating section of some supermarkets, at craft stores or at specialty kitchen kneads stores.
Recipe Source: Adapted from Bake at 350
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