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!
FRENCH TOAST SAUSAGE ROLL-UPS
Easy to make and fun to eat, these French Toast Sausage Roll-Ups are always popular with my family. A yummy twist on traditional french toast.
I’m craving all the carbs lately–especially when it comes to breakfast foods. Traditional
French Toast has always been one of my favorite breakfasts and these French Toast Sausage Roll-Ups are a fun little twist to an old favorite.
My kids LOVE these and especially love to help me make them.
But really, what’s not to love? Delicious cinnamon dipped french toast with a yummy sausage rolled up in the center. Dip them in your favorite syrup! And if you feel like making a big batch you can always freeze the leftovers for a quick grab-and-go breakfast for your kids.
Easy to make and fun to eat, these French Toast Sausage Roll-Ups are always popular with my family. A yummy twist on traditional french toast.
Course: Breakfast
Cuisine: American
Keyword: french toast
Unit: cup, large, slice, Tablespoon, teaspoon
Calories: 282 kcal
Author: Lauren Allen
- 10 slices sandwich bread s (white or wheat)
- 10 fully cooked sausage links
- 3 large eggs
- 1/2 cup milk
- 3 Tablespoons granulated sugar
- 1/2 teaspoon ground cinnamon
- 1 teaspoon vanilla extract
- 1 Tablespoon all-purpose flour
Slice crust off of bread. Use a rolling pin or your hands to flatten the bread.
Place a sausage link on the front edge of the bread and roll up tightly like a taquito.
Preheat griddle or skillet over medium heat. Grease well with butter.
To a shallow dish add the eggs, milk, sugar, cinnamon, vanilla, and flour.
Dip sausage roll ups into the egg mixture, rolling gently to coat all sides, and place on hot griddle.
Cook for a few minutes, turning gently as you go, until golden brown on all sides. Serve warm, served with syrup.
Next time try Crunchy French Toast.
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