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!
Best Ever American Buttercream
Best Ever American Buttercream
Creamy, silky, light, never gritty, greasy or oily, melts on the tongue and not too sweet…the perfect American Buttercream frosting for cakes and cupcakes! Learn the secret ingredients and easy technique in our step-by-step tutorial complete with photos. You are going to love this one…it tastes just like it came from an upscale bakery! All-natural, egg and soy free.
Ingredients
- 4 cups (480 g) 100% pure cane confectioners’ sugar, spooned into cup and leveled off, sifting not necessary
- ½ cup (120 ml) boiling water
- 1 tablespoon (15 ml) pure vanilla extract
- ½ teaspoon (2.5 ml) pure almond extract
- ½ cup (1 stick/113 g) salted butter, at room temperature
- ½ cup (1 stick/113 g) unsalted butter, at room temperature
- 1 cup (192 g) organic palm shortening, such as Spectrum®, at room temperature
Directions
- Using an electric stand mixer fitted with paddle attachment, place confectioners’ sugar into work bowl. Carefully pour boiling water over confectioners’ sugar in a steady stream with mixer on low speed (stir).
- Increase mixer speed to medium and beat, scraping down sides of bowl with rubber spatula, until sugar dissolves, mixture is smooth and cooled to room temperature, about 4 minutes. Add extracts and mix until well blended.
- Add butter and shortening and beat on low (stir), scraping down sides of bowl as necessary, until creamy and almost fully incorporated, about 2 minutes.
- Gradually increase mixer speed to medium and continue beating until light and fluffy, scraping down the sides of bowl as necessary with rubber spatula, about 10 minutes. (Beating buttercream on low and medium speeds will prevent it from incorporating too much air causing too many air bubbles.)
- If desired, tint buttercream with food coloring paste as suggested below in the Recipe Notes section.
- Yield: Makes about 4½ cups; enough to fill and frost a 9-inch (23 cm) two layer cake, or 8-inch (20 cm) three layer cake, or 18 to 24 cupcakes—depending on amount used to simply ice cupcakes with a knife or icing spatula (in the traditional manner) or pipe elaborate swirls, or decorate with other piping details.
- Recipes full : wickedgoodkitchen.com
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