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!
RED VELVET BROWNIES WITH CREAM CHEESE FROSTING
These red velvet brownies are seriously the perfect brownie recipe! Perfectly moist and chewy with the bright red color. The cream cheese frosting is the perfect finishing touch! These are AMAZING!
These are literally one of the best brownies that I have ever had. I have been working so hard to lose those extra holiday pounds and finally was able to do it. I have really been trying hard to eat clean and watch what I eat. But as soon as I saw these brownies I had to make them! I am obsessed with all things red velvet and I couldn’t wait to reward myself with a treat!
I couldn’t believe how perfect these brownies turned out! I have never had a more moist and chewy brownie and they were so easy to make. I had them in the oven within minutes. The cream cheese frosting is completely optional but I believe that red velvet and cream cheese frosting are meant to be together. 🙂
These red velvet brownies are seriously the perfect brownie recipe! Perfectly moist and chewy with the bright red color. The cream cheese frosting is the perfect finishing touch! These are AMAZING!
INGREDIENTS
- 1 (4-oz.) bittersweet chocolate baking bar, chopped
- ¾ cup butter
- 2 cups sugar
- 4 large eggs
- 1½ cups all-purpose flour
- 1 (1-oz.) bottle red liquid food coloring
- 1½ teaspoons baking powder
- 1 teaspoon vanilla extract
- Cream Cheese Frosting:
- 1 (8-oz.) package cream cheese, softened
- 3 tablespoons butter, softened
- 1½ cups powdered sugar
- 1 teaspoon vanilla extract
INSTRUCTIONS
- Preheat oven to 350 degrees. Line a 9x9 or 7x11 inch pan with aluminum foil allowing 2 inches to hang over the sides. Lightly grease.
- In a microwave safe bowl melt the chocolate and butter stirring after 30 seconds each time being careful not to burn the chocolate. Whisk in the sugar and add the eggs one at a time until blended. Add the flour, red food coloring, baking powder, and vanilla. Stir until fully incorporated.
- Pour into the bottom of your prepared baking pan and bake for 40-44 minutes or until toothpick comes out clean with moist crumbs. Cool completely.
- TO make the cream cheese frosting: Beat together the cream cheese and butter until smooth. Add the powdered sugar and vanilla and continue to beat until creamy. Frost the cooled brownies.
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