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!
Make breakfast time FUN for your kids with this Kid Friendly Breakfast Sushi Recipe. This post is sponsored by Pebbles Cereal. All playtime opinions are my own. May contain commissioned links.
KID FRIENDLY BREAKFAST SUSHI RECIPE
Sushi lover? Yes, that’s me. I could eat sushi Every. Single. Day. Perhaps it’s in my genes, but just typing the word right now has me craving sushi. My kids on the other hand? Not a chance. All of the Legos and Disney Princesses in the world wouldn’t convince my picky eaters that sushi is one of the most delectable food groups. But then again, there’s always breakfast! This Kid Friendly Breakfast Sushi Recipe is inspired by my two little picky eaters. A little Asian influence, a delicious balance of kid-favorite breakfast foods, and a perfect way to have FUN in the morning, (Yikes! Is back-to-school on it’s way already?) these two couldn’t resist our play on sushi…for breakfast.
GROAN, I’m already thinking about Back-to-School. Those hurried breakfast meals are a definite cause of stress in our mornings, especially with two grumpy kids. You know what I’m talking about. Making a breakfast that’s quick, easy, nutritious and FUN — it’s definitely a challenge. Hence, Kid Friendly Breakfast Sushi.
Adorable. Colorful. Tasty!
And F-U-N. It’s a breakfast that we all can agree on. By mixing together fruit, yogurt and cereal in a playful way, my kids can gobble up the goodness in the morning. And bonus, I even get a smile out of these two early risers! Ready to create your own? Grab the easy recipe!
KID FRIENDLY BREAKFAST SUSHI RECIPE
Author: Christie @ RaisingWhasians.com
Recipe type: Breakfast
Cuisine: Kid-Friendly
Prep time:
Total time:
Serves: 1 roll
Make these delicious Kid-Friendly Breakfast Sushi pieces for a FUN take on a delicious breakfast idea that your kids will love
Ingredients
Banana
Greek Yogurt
Fruity Pebbles Cereal
Blackberries
Instructions
Begin by peeling the banana.
Using a butter knife, spread a layer of Greek yogurt on the outside surface of the banana.
Place your Fruity Pebbles in a shallow dish. Roll your banana in the Fruity Pebbles, until fully coated.
Place banana on a plate. Slice into "sushi" sized pieces. Arrange and top with blackberries.
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KID FRIENDLY BREAKFAST SUSHI RECIPEMake breakfast time FUN for your kids with this Kid Friendly Breakfast Sushi Recipe. This post is sponsored by Pebbles Cereal. All playtime …Read More...
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