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!
Honey Lime Rainbow Fruit Salad
This Honey Lime Rainbow Fruit Salad the ultimate refreshing side dish! It’s is a fresh fruit salad recipe that’s easy to make without the extra sugary cream. Just add a little honey and lime and you’ve got yourself a colorful, healthy fruit salad everyone loves!
A Fresh Take on Fruit Salad
I know Skittles are good, but I’m thinking this has got to be the right way to get a taste of the rainbow. Isn’t fruit salad a summer must? I know it’s one of the highlights of summer for me, but I’m not talking those frozen whipped topping coated fruit salads.
This recipe shows you how to make fruit salad without (gasp!) the creamy fruit salad dressing that you’re used to seeing. This fruit salad leaves plenty of room for all the flavors of the fruit to shine without drenching it in sugar and other random flavors.
Healthy, Happy Fruit Salad
My kids love this fruit salad recipe and it is an easy way for me to get them to eat plenty of fruit. All it takes is a little honey and lime and great things can happen. For the perfect fruit salad, just make sure all of the fruit is perfectly ripe (as in, you may need to buy that pineapple a week in advance).
Save this delicious homemade fruit salad because you’ve got to make it at least once this summer. Enjoy!
This is such an abundance of goodness and it’s a great way to get your kids to eat fruit! I mean who wouldn’t love this?
Did you make this recipe?
A bright and refreshing fruit salad with a beautiful combination of colors. This is the perfect summer side dish for cookouts or parties it's also great for holidays any time of the year. You can switch of the fruits listed here for others you may have on hand.
Prep Time: 20 minutes
Total Time: 20 minutes
Servings: 7 servings
Calories: 220 kcal
Author: Jaclyn
- 1 lb fresh strawberries , diced
- 1 lb fresh pineapple , diced
- 12 oz fresh blueberries
- 12 oz red grapes , diced into halves
- 4 kiwis , peeled and diced
- 1 (15 oz) can mandarin oranges in juice, drained well and sliced into halves
- 2 ripe bananas , diced*
Honey Lime Dressing
- 1/4 cup honey
- 2 tsp lime zest (zest of 2 medium limes)
- 1 Tbsp fresh lime juice
Add all fruit to a large mixing bowl. In a small mixing bowl, whisk together they honey, lime zest and lime juice. Pour over fruit just before serving and toss to evenly coat (as it sits for a few minutes the juices will gather at the bottom, so toss again before plating).
*The bananas aren't pictured. I decided to add them later on because I love the sweet flavor they add.
Recipe Source: Cooking Classy
Nutrition Facts
Honey Lime Rainbow Fruit Salad
Amount Per Serving
Calories 220
% Daily Value*
Sodium 5mg0%
Potassium 610mg17%
Total Carbohydrates 56g19%
Dietary Fiber 6g24%
Sugars 42g
Protein 2g4%
Vitamin A5.1%
Vitamin C158.4%
Calcium5.1%
Iron5.9%
* Percent Daily Values are based on a 2000 calorie diet.
MORE RECIPES SALAD www.cookingclassy.com
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