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!
ST. PATRICK’S DAY POPCORN
We are not from Irish descent and yet when we were kids our mom always cooked a special St. Patrick’s Day meal on March 17th complete with Corned Beef and Cabbage and a “green” dessert. We try to keep up with the tradition (although truth time, sometimes we leave out the cabbage!) and great go-to; green dessert is our sweet and salty St. Patrick’s Day Popcorn. So easy to make and delicious enough for lure a Leprechaun out of hiding.
Once the popcorn is covered in marshmallow mixture it is time to add the candy. But don’t wait too long. You want the marshmallow mixture to still be warm and sticky. Sprinkle the candy onto the popcorn, concentrating on the areas with the most drizzled marshmallow mixture. Allow the St. Patrick’s Day Popcorn to cool. Break apart into pieces and serve.
St. Patrick’s Day Popcorn is a yummy sweet and salty popcorn treat that is so easy to make. Surprise your family with this fun St. Patrick’s Day dessert.
INGREDIENTS:
- 10 Cups of Popped Popcorn
- Salt
- 3 tbsp. Butter (Sweet Cream, Salted)
- 3 cups Mini Marshmallows
- Regular M&Ms – Green
- Pretzel M&M’s – Green
- M&M Mini’s – Green
- Lucky Charms Shamrock Marshmallows
DIRECTIONS:
- Pop 10 cups of popcorn and salt liberally and place in a large bowl.
- Melt 3 tablespoons of butter in a medium sauce pan. Once the butter is melted, add 3 cups of mini marshmallows. Stir until the marshmallows are melted. Turn off the heat as soon as the last marshmallow has melted.
- Pour 3/4 of the marshmallow mixture over the popcorn in the bowl and then gently fold the popcorn with a spoon until most of the kernels are covered in mixture.
- Pour the marshmallow popcorn onto a prepared cookie sheet.
- Drizzle the remaining marshmallow mixture over the popcorn on the cookie sheet.
- Sprinkle the candy and sprinkles over the popcorn.
- Allow the popcorn to cool. Break apart into pieces and serve.
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