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!
Mason Jar Lid Cherry Pies
Mason Jar Lid Cherry Pies: An easy to make fun way to serve cherry pies for a party. Full of cherries and crispy crust.
Barbecue season is here! Wouldn’t it be awesome if you showed up to your next barbecue with these Mason Jar Lid Cherry Pies? You can serve them in the lids or use the insert to pop them out. Mason jar lids are very inexpensive. You can buy 12 for under $3.50. that’s not much to spend on something so cute. You can choose to use wide mouth for a larger pie or the regular size for a smaller portion pie (the recipe below is for using the regular size jar lids). When I make desserts for a party I like the portions to be small so my guests can enjoy all my desserts without gorging themselves.
Ingredients
- 8 to 9 regular size mason jar lids
- 1 (21 ounce) can cherry pie filling
- 1 (14 ounce) box pie crust
- 1 egg
- 1 tablespoon water
Instructions
- Preheat oven to 375 degrees.
- Line a cookie sheet with parchment paper; set aside.
- Flip the center insert of the lid so that the pie crust will be sitting on the side without the rubber seal.
- Unroll dough, use a 3 1/4-inch circle cookie cutter.
- Cut 8 to 9 tops and 8 to 9 bottoms.
- Place a bottom in the lid, press up the sides.
- Spoon in 3 tablespoons of filling (about 5 cherries).
NOTE: If you over fill the pies they will burst open.
Wet you finger tips with water and rub around the rim of the pie; place pie top on, crimping the top to the bottom.
Place pies on prepared cookies sheet.
Whisk together the egg and water; brush on the top of the pie and sprinkle with the raw sugar.
Cut air vents in the top of the pie.
Bake 25 minutes or until the filling is bubbling and the crust is golden brown.
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