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!
Cheesecake Stuffed Strawberries
Try these easy red, white, and blue Cheesecake Stuffed Strawberries for a healthier patriotic dessert!
In case you didn’t know, I will be taking most of June off to spend time with my new baby boy who should be here anytime in the next 2 weeks!!! No worries though! I will have some amazing food blogger friends posting recipes on my blog while I’m away! 😉 But, since I’m going to miss sharing new recipes with you for one of my favorite holidays, I’ve decided to share another patriotic recipe to help you all gear up for the 4th of July. After all, it’s never too early to plan fun holiday themed food to serve your family and friends!
These cheesecake stuffed strawberries couldn’t be easier! I’ve seen so many versions out there. Some of which make you cut off the top and bottom of the strawberry and scoop out the centers. Why would you give yourself more work to do and waste yummy fruit like that?! Not me! Nuh-uh!
Simply cut off the stem so you have a flat end, cut an “X” in the tip, and pipe the filling inside. It opens up as you fill it. Don’t go wasting that fruit!
Ingredients
- 24 + large fresh strawberries (1 1/2 to 2 lbs, depends on how much you fill them)
- 1 (8oz) package cream cheese, room temperature or softened slightly
- 1/2 cup powdered sugar
- 1 tsp vanilla extract
- 1/2 cup fresh blueberries
Instructions
- Cut the stems from the strawberries, so the strawberries can sit cut-side down.
- Cut a deep "X" from the tip down, being careful not to cut all the way through.
- Beat the cream cheese, powdered sugar, and vanilla in a bowl with a hand mixer until nice and fluffy.
- Gently open up each strawberry and pipe the filling inside using a pastry bag or zip-top bag with a star piping tip. Don't have a pastry bag or piping tip? Just cut off the corner of a zip-top bag and squeeze the cheesecake filling inside the strawberries that way.
- Top each filled strawberry with a blueberry. These are best served after the strawberries have been chilled for at least an hour. Store in an airtight container in the refrigerator up to 3 days depending on how firm/soft the strawberries are.
Recipe Notes
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