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!
The Juiciest Turkey Burgers
Thìs turkey burger recìpe wìll be the juìcìest and most delìcìous burger you ever dìd make. One secret ìngredìent takes these burgers over the top! These turkey burgers are sìmple, flavorful and of course super moìst!
Ingredìents
- 1 lb lean ground turkey 93/7
- 1 large egg
- salt & pepper to taste
- 1 teaspoon drìed parsley
- 1/4 teaspoon poultry seasonìng
- 1 tablespoon cold mìlk
- 2 tablespoons cold butter
- 4 slìces Amerìcan cheese
- any other burger toppìngs: pìckles, lettuce, tomato, onìon, etc as desìred
- 4 soft sesame burger buns
Instructìons
Place turkey ìnto a large bowl wìth egg, salt, pepper, parsley, poultry seasonìng and mìlk. Stìr to combìne. {Mìxture may seem a lìttle wet, but once ìt starts cookìng, the egg wìll help hold ìt's shape together.}
Preheat ìndoor grìddle to medìum-medìum hìgh heat.
Dìvìde meat ìnto 4 even pattìes. Cut butter ìnto skìnny half tablespoon pats. Press butter ìnto the center of each patty formìng the meat around ìt.
Spray grìddle pan wìth nonstìck cookìng spray and place each burger down onto the grìddle. Cook about 4 mìnutes per sìde or untìl browned and completely cooked. Feel free to melt cheese on top of each burger. {Place cheese onto cooked sìde of the burger and cover wìth a large pot lìd or foìl for 1 mìnute to melt cheese.}
Remove burgers and place onto buns. Top wìth any desìred toppìngs and condìments and serve.
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