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!
WHOLESOME EATING WITH HOMEMADE INSTANT POT RICOTTA CHEESE AND VAN'S FIRE ROASTED VEGGIE GLUTEN FREE CRACKERS
***This is a sponsored post written by me on behalf of Vans International Foods, Inc. The opinions and text are all my own***
All of my readers know how much I love cooking in my Instant Pot and Sous Vide to bringing all these yummy recipes to you, my readers. This year I am really trying to bring more healthy type recipes to my readers. Using the Instant Pot and Sous vide and Van’s Products has really helped me to cut out all processed foods. I have really been trying to watch what I eat and get more nutritious with my choices. I do not believe in any quick weight loss fad diets or magic diet pills. Believe me, I have tried all the fad diets only to gain weight back again. There is no easy way to lose weight. I know I need to work hard and make smart choices. Making my own Homemade Ricotta Cheese is one great way to start served with Van’s Fire Roasted Veggie Gluten Free Crackers. No extra added fillers or preservatives, only simple, clean ingredients making this snack a wholesome treat you can feel proud to serve your entire family and best of all, it is actually good for them.
Ingredients
- 1/2 gallon whole milk
- 1 lemon
- 1 tsp salt
Instructions
- Pour Milk directly into your instant pot. This does not require pot in pot.
- Place your pot on “Yogurt” function and hit the adjust button until you see 'Boil'.
- Place lid on and in the venting position.
- Allow to complete the boil cycle about 30-40 minutes.
- Check the temp of your milk, it should be 180 degrees.
- Remove pot and set it on the counter.
- Stir in salt.
- Cut your lemon in half and squeeze the juice from each half into the milk.
- Let mixture sit for 15-20 minutes until you see the whey start to separate from the milk.
- Place a mesh strainer over a bowl and pour the mixture into a mesh strainer.
- Let mixture drain about 20 minutes. If you do not have a mesh strainer you can use a regular strainer with cheesecloth, or coffee filters
- Refrigerate up to 5 days in an airtight container.
- If you do not have an instant pot you can make this on the stove over a medium heat bring your milk to almost a boil at 180 degrees.
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