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!
BAILEY’S CHOCOLATE MINT MILKSHAKE
Bailey’s Chocolate Mint Milkshake is everything you could want in a milkshake. This holiday drink is so rich and creamy, you won’t want to stop at one!
It’s beginning to look a lot like Christmas…..except, wait. Not really. It’s actually looking nothing like Christmas around our house, and I’m convinced it’s because of all the warm weather that just keeps sticking around! Apparently when you’re born and raised in Wisconsin, where winter is cold and Christmas is white, anything less just doesn’t feel quite right. How am I supposed to get into the Christmas spirit when it’s still raining outside…..?
I’m honestly starting to think I might need to just fake it. Just suck it up, turn on some Christmas tunes, start a fire, and get to decorating. Because the truth is, whether I’m ready or not, Christmas will be here in 24 short days! Even if there’s no snow to welcome it.
So here’s the plan. I’ll give it a couple more days. Because really? Who wants to fake it? But ONLY a couple more days….and in the mean time, I’ll see if I can’t muster up some genuine Christmas spirit that works with the weather we’re having! Warmish weather. Perfect for…..ice cream!!!
Bailey’s Chocolate Mint Milkshakes – A grown-up milkshake
Of course, when there’s Bailey’s involved, the weather is actually irrelevant. But shhhhh – don’t say that too loud! These Bailey’s Chocolate Mint Milkshakes are exactly what I needed for that genuine Christmas spirit. And they just might be exactly what you need, too! (Trust me on this – they’re EXACTLY what you need.)
Bailey's Chocolate Mint Milkshake
This Bailey's Chocolate Mint Milkshake is everything you could want in a milkshake...and perfect for the holidays!
- 1 c. vanilla ice cream
- 1/2 c. Bailey's Irish Cream liqueur
- 1 Tbsp. cocoa powder
- 1/4 - 1/2 tsp. peppermint extract
- whipped cream
- crushed peppermint pieces I used Andes Peppermint Crunch Baking Chips
In a blender, combine ice cream, Bailey's, cocoa powder, and peppermint extract.
Mix until smooth and creamy.
Pour into a glass, top with whipped cream and peppermint pieces.
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