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!
HOMEMADE FRESH PEACH ICE CREAM RECIPE
There is one thing I know for sure, a big dish of cold Homemade Fresh Peach Ice Cream makes our hot and muggy summers just a little more bearable!
What better to usher in summer than Homemade Fresh Peach Ice Cream featuring luscious, juicy and sweet peaches mixed with a rich, creamy and decadent vanilla custard base!
INGREDIENTS
- 4 eggs
- 1-1/4 cups granulated sugar divided
- 1/2 tsp salt
- 4 cups whole milk
- 2 cans cans sweetened condensed milk 14 oz each
- 1 tsp vanilla extract or 1 tsp vanilla bean paste
- 1/4 cup peach preserves
- 6 fresh ripe peaches peeled and chopped
- Special equipment: Electric Ice Cream Maker
INSTRUCTIONS
- Add eggs, one cup sugar, salt, and milk to a large saucepan over low heat. Whisk until thoroughly blended.
- Continue whisking or stirring every minute or so until the mixture thickens and reaches 160 degrees as measured with a candy thermometer. (This step takes 40-50 minutes. Important, do not turn up the heat or try to hurry this step and do not allow the mixture to come to a boil or you will end up with scrambled eggs.)
- Place a large bowl in the refrigerator to chill.
- Remove the custard mixture from the heat and immediately transfer to the chilled bowl placed in a pan of ice and water to cool it down. Stir in the sweetened condensed milk and vanilla and mix well.
- Take a piece of plastic wrap and press it down on the surface of the custard and refrigerate for several hours or overnight.
- Place the chopped peaches and peach preserves in a bowl and add the remaining 1/4 cup sugar. Mix well and let the peaches macerate for at least 30 minutes. Use a potato masher or fork and mash the peaches. I usually like to leave mine fairly chunky.
- When ready to make the ice cream, fill an electric ice cream maker 2/3 full with the custard mixture and add some of the peaches. Depending on the size of your ice cream maker you may have to make two batches. My ice cream maker only holds 2 quarts, so I divided the custard mixture and added half of the custard and half of the peach mixture.
- Follow the directions for your ice cream maker and freeze the ice cream. This step took 20 minutes with my ice cream maker. It may be different with yours. Refrigerate any remaining custard and peach mixture to make a second batch.
- Place the ice cream in an airtight container in the freezer and freeze for 2-4 hours or until firm. Repeat with the second batch, if necessary.
- Enjoy!
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