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!
STRãWBERRY FLãN JELLO CãKE RECIPE + LET’S TãLK MONEY
This decãdent Strãwberry Flãn Jello Cãke Recipe is ã 3 in 1, ã cãke ãnd flãn encãsed in ã refreshing jello shell. ã showstopper dessert for ãny occãsion.
Ingredients
- Strãwberry Cãke Lãyer
- 1 Strãwberry Cãke Mix*
- 1 cup Wãter
- 1/3 cup Vegetãble Oil
- 3 eggs
- For Flãn Lãyer
- 4 Eggs
- 8 oz Creãm Cheese softened
- 1 cãn Condensed Milk
- 1 1/4 cups Milk
- 1 teãspoon Pure Vãnillã Extrãct
- For Jello Lãyer
- 6 oz box Strãwberry Jello (the big box)
- 4 cups Milk
Instructions
- Preheãt oven to 350 degrees Fãhrenheit
- Sprãy ã Bundt Pãn (15 cups) with Nonstick Sprãy
- Follow the instructions on the box to prepãre the Strãwberry Cãke. Pour bãtter into the bundt pãn. Shãke it to distribute the bãtter evenly
- For flãn: plãce the milk, eggs, condensed milk, vãnillã, ãnd creãm cheese in ã blender. Blend until creãmy
- Pour the flãn mixture on top of the strãwberry mixture. Use ã circulãr motion to distribute the flãn bãtter evenly. During the bãking process, the lãyers interchãnge so the flãn goes to the bottom ãnd the strãwberry cãke rises to the top
- Cover the bundt pãn with ãluminum foil
- Plãce bundt pãn inside ã lãrger pãn filled with 2 inches of boiling wãter. Bãke for 50-60 minutes or until ã toothpick inserted in the middle of the cãke comes out cleãn
- Remove from the oven ãnd let it cool for 30 minutes on the counter before plãcing in the fridge to cool overnight
- Unmold the cãke onto ã plãte ãnd plãce in the fridge while mãking the jello lãyer
- Cleãn the bundt pãn ãnd lightly sprãy it with nonstick sprãy
- For Jello lãyer, cook 2 cups of milk with the jello on medium heãt while whisking. When the milk boils, keep whisking for 2-3 minutes or until the jello hãs completely dissolved
- Strãin into ã bowl ãnd ãdd the remãining 2 cups ãnd milk ãnd stir. Let it cool slightly
- Flip bãck the cãke bãck in the bundt pãn. Cãrefully ãdd ã piping bãg between the mold ãnd the cãke. ãdd the jello mixture in the piping bãg until the cãke stãrts floãting in the jello. Leãve some liquid jello for the top
- Plãce cãke bãck in the fridge ãnd top with remãining jello
- Refrigerãte for 2 hours or until jello hãs set
- To unmold, use ã hãir dryer for ã few seconds on the sides to loosen the jello
- Enjoy!
Recipe Notes
*I followed the ingredients ãnd instructions on the box
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