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!
VANILLA BEAN SCONES RECIPE
Best Vanilla Bean Scones Recipe & Vanilla Bean Glaze Ever! Read On for the Recipe.
Many people forget how tasty scones are because they are not as popular of a dessert as compared to cookies, or cake. Sometimes, people even are under the misconception that they are doughy, bland, or dry. And trust me its better with hot tea !!!!
Vanilla Bean Scones Recipe A fluffy, and tasty vanilla bean scones recipe that comes together beautifully with some vanilla bean glaze and a nice hot cup of tea.
Ingredients- 2 1/2 cups white unbleached flour +1 tablespoon to flour your hands, work area, and pastry cutter
- 1/4 cup sugar + 1 tablespoon reserved from sprinkling over the top of the scones before baking
- 1 tablespoon baking powder
- 1/2 tsp salt
- 1 egg
- 12 tablespoons butter cubed
- 1/2 cup milk
- 1 tablespoon vanilla bean paste buy on Amazon
Glaze:- 1 /2 cups powdered sugar
- 1 tablespoon whole milk * adjust slightly if glaze is too thick
- 1/2 tsp vanilla bean paste
Instructions- Pre-heat over to 425
- Line a baking sheet with parchment paper
- Prepare a lightly floured work area. Coat your pastry cutter
- In a stand mixer, add the flour, salt, baking powder, and sugar
- Add the cubed butter, and mix until the dough forms tiny balls.
- In a separate bowl, whisk the egg, vanilla, milk, and then add it to the mixer
- The dough should come together and form a ball
- Remove dough and transfer to your floured work area
- Shape the dough into a 1" thick circle
- Using your pastry cutter, divide dough into 8 pieces
- Bake for 12-14 mins or until golden brown edges form
- For the Glaze, whisk the powdered sugar, whole milk, and vanilla bean paste together until thick and creamy, but pour-able
- Pour the glaze over the warm scones, and enjoy!
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