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!
PINA COLADA JELLO SHOTS
Pina Colada Jello Shots turn a summer cocktail staple into fun shots perfect for any party! Rum, pineapple & coconut are a tropical combination that’ll be a hit with all your friends!
I love coconut and piña coladas are always a good idea during the summer. Sit out by the pool, sip on a cold drink your amazing bartender husband made for you, and give doing anything productive the finger. It’s bliss! These rum jello shots are all of that in one little cup of boozy fun. Make a pan, put ’em out, and watch them disappear! Unique jello shots are always a party starter at our house and these pineapple coconut jello shots are always in season.
Pina Colada Jello Shots turn a summer cocktail staple into fun shots perfect for any party! Rum, pineapple & coconut are a tropical combination that'll be a hit with all your friends!
Ingredients
- 1 tablespoon unflavored gelatin powder (or 1 envelope gelatin powder)
- 1/4 cup cold water
- 2 tablespoons sugar
- 1/2 cup boiling water
- 1/4 cup pineapple juice
- 2 tablespoons coconut syrup (Torani or Coco Real)
- 1/2 cup silver rum (or coconut rum)
- 12 maraschino cherries rinsed and dried
- 12 two-ounce plastic cups with lids
Instructions
- Place plastic cups on a small baking sheet (for easy transporting). Set aside.
- In a small mixing bowl, sprinkle the gelatin powder over 1/4 cup water, and allow the powder to soak in for 2 minutes.
- Add sugar to the boiling water and whisk until dissolved. Pour the boiling water into the gelatin and whisk until the gelatin is dissolved.
- Add the pineapple juice, coconut syrup, and rum. Whisk to combine.
- Pour jello mixture into prepared cups. Refrigerate uncovered for 30 to 40 minutes until jello had begun to thicken.
- Remove jello from the fridge and place one cherry in the center of each cup. Press gently down to partially submerge the cherry. Refrigerate until completely set, about 2-3 hours.
- Cover each cup with a lid and refrigerate until ready to serve.
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