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!
STRAWBERRY CINNAMON ROLLS RECIPE
STRAWBERRY CINNAMON ROLLS RECIPE
A unique twist on a breakfast favorite! This flavorful Strawberry Cinnamon Rolls Recipe is a must bake. Everyone will want the recipe!
Strawberry Cinnamon Rolls
Course Dessert
Servings
Author Amanda@AFewShortCuts.com
Ingredients
- 3/4 cup milk
- 1/3 cup margarine or butter softened
- 3 1/4 cups all-purpose flour
- 1 .25 ounce package of instant yeast - 2 tsp
- 1/4 cup white sugar
- 1/2 tsp salt
- 1 egg
- 1/4 cup water
Filling
- 1 cup strawberry jam +/-
- 1/2 teaspoon cinnamon
- 2 cups sliced strawberries
Icing
- 1 cup powdered sugar
- 1/4 tsp cinnamon
- 1-2 tbsp milk
Instructions
- Heat the milk in a small saucepan until warm. Mix in the butter until melted. Let cool to lukewarm.
- In a large bowl combine 2 1/4 cup flour, yeast, sugar, and salt. Mix well.
- Stir in egg and 1/4 cup of water. Mix well. Now stir in the milk mixture until dough forms.
- Stir in another cup of flour. When dough comes together, flip it onto a lightly floured surface and knead until smooth.
- Return the dough ball to the bowl, cover with a damp towel, and let rest for 10 minutes.
- Roll out dough into a 15x10 inch rectangle. Spread the strawberry jam all over the dough. Sprinkle with cinnamon. Then evenly cover with the chopped strawberries.
- Roll up the dough and pinch the seam to seal. Cut into 12 equal size rolls.
- Place rolls cut side up in a greased 11x13 baking dish. Cover and let rise until doubled (30 mins). While waiting, Preheat oven to 375 degrees F.
- Bake in the preheated oven for 30 minutes or until golden brown.
Icing
- Mix the powdered sugar and cinnamon with 1 tbsp of milk. Stir until glaze forms. You may need to add up to another tablespoon of milk for desired consistency. Drizzle glaze over finished rolls.
Dairy Free
- Substitute almond milk, coconut milk, etc., and a dairy free margarine.
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