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!
SUPER MOIST & FUDGY BROWNIES WITH CHOCOLATE GANACHE
If there’s one thing I love in this world more than brownies it’s super gooey brownies. I make a batch of brownies every week because my daughter and husband LOVE them. We hate dry brownies… We prefer them moist and gooey.
I make my brownies gooey but every time I make them my husband says he wants them even gooier! so one day I told him okay I’ll make you a batch of super moist and fudgy brownies and I’m sure your going to love them!
If your on a diet I suggest you step away right now because you can’t just have one brownie your going to want to eat at least two or three squares, maybe even four.
Ingredients
- 3/4 cup all-purpose flour
- 3 large eggs
- 3/4 cup semisweet chocolate chips
- 5 ounces semisweet chocolate bar finely chopped
- 2 Tablespoon cocoa powder
- 1/4 teaspoon salt
- 3/4 cup unsalted butter
- 3/4 cup granulated white sugar
- 1/4 cup light brown sugar
- 1 teaspoon vanilla extract
- Chocolate genache recipe
Instructions
- Preheat oven to 350 degrees F. Line an 8x8 or 9x9 inch pan with parchment paper and let it hang over two sides.In a medium bowl, sift together flour, cocoa powder, and salt; set aside.
- In a large saucepan, heat the butter on low and stir until butter has melted. Add chocolate, and stir constantly until mixture is smooth. Remove from heat and stir in both sugars until combined. allow to slightly cool.
- After the chocolate mixture is slightly cooled, Whisk in the eggs and vanilla until fully combined. Add flour mixture to batter and stir just until combined. Stir in chocolate chips.
- Pour batter into prepared pan, smooth top with a greased spatula. Bake for 20-25 minutes (20 minutes for gooey Brownies). Be careful not to over-bake. Let cool completely then pour ganache on top. Cut into pieces and serve or store.
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