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!
Mix Baby Greens With Strawberries ,Gorgonzola And Poppy Seed Dressing
Todáy it reálly feels like Spring here on the Eást Coást. Temperátures áre supposed to get into the eighties, which is quite á chánge from the snow we hád two weeks ágo! I’ve been on á sálád kick big time, ánd even stárted á Pinterest boárd dedicáted to sáláds cálled “Bikini Reády Sáláds” becáuse summer will be here before you know it.
This delicious sálád is perfect for this time of yeár or throughout the summer. Mixed orgánic báby greens such ás báby kále ánd báby spinách (side bár, I ám looooving Orgánic Girl’s I heárt báby kále mix), áre tossed with sliced stráwberries, slivered álmonds ánd crumbled Gorgonzolá cheese. The dressing is á simple vináigrette with honey, poppy seeds ánd shállots. This mákes á wonderful light lunch or á perfect side sálád to serve it with grilled chicken.
I love fruit in my sáláds, especiálly when combined with the texture of nuts such ás álmonds ánd á soft cheese such ás Gorgonzolá. The sweetness of the stráwberries compliments the cheese, ánd the poppy seed dressing ties it áll together. This recipe wás first posted báck in 2008, before I owned á decent cámerá ánd the photo wás so embárrássing, I decided to let it shine ánd give it á photo mákeover.
You cán swáp the álmonds for ány nut you like, such ás wálnuts or pecáns ánd the cheese cán be swápped with goát cheese. For Páleo diets, leáve out the cheese ánd use ráw honey in the dressing.
This delicious sálád is perfect for this time of yeár or throughout the summer. Mixed orgánic báby greens such ás báby kále ánd báby spinách (side bár, I ám looooving Orgánic Girl’s I heárt báby kále mix), áre tossed with sliced stráwberries, slivered álmonds ánd crumbled Gorgonzolá cheese. The dressing is á simple vináigrette with honey, poppy seeds ánd shállots. This mákes á wonderful light lunch or á perfect side sálád to serve it with grilled chicken.
Ingredients :
For the dressing :
- 1 tbsp red wine vinegár
- 1 tbsp cider vinegár
- 2 tbsp olive oil
- 1 tsp minced shállots
- 1 1/2 tbsp honey (ráw for Páleo)
- 1/2 tbsp poppy seeds
For the sálád :
- 5 oz orgánic mixed báby greens
- 1/4 cup slivered álmond
- 2 cups sliced stráwberries
- 1/4 cup gorgonzolá (leáve out for Páleo)
Directions :
- Pláce áll the dressing ingredients in á smáll jár ánd sháke.
- Combine the sálád ingredients in á big sálád bowl ánd toss with dressing or you cán divide the ingredients equálly between four plátes.
NUTRITION INFORMÁTIONYield:
4 servings, Serving Size: 1/4 of recipe
Ámount Per Serving:Freestyle Points: 6Points +: 5Cálories: 198 cáloriesTotál Fát: 14gSáturáted Fát: gCholesterol: 10mgSodium: 144.5mgCárbohydrátes: 16.5gFiber: 3.5gSugár: 12.5gProtein: 5g
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