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!
Apple Juice
We have apples coming out of the wazoo! I guess it is too cold to grow apples up here (there are no local orchards that I know of), so my in-laws bring us a whole whack of apples from down south every fall. So, after making apple pie
, apple crisp, and huge batch of apple sauce
, we still had tons left. The obvious thing to do next was to try my hand at apple juice. OK, first just let me say that apple juice is A LOT of work. I don't know how they can sell huge cans of it for 99 cents. I started with a recipe in my canning cookbook that called for 24 lbs of apples to be chopped, cooked in 8 cups of water, then hung in a cheesecloth and left to drip for 2 hrs. That sounded like too much work, plus I doubted any cheesecloth could hold 24 lbs of cooked apples. Enter my Jack LaLanne power juicer! I figured the juicer would eliminate the initial cooking step and perhaps filter the juice a bit. Well, it didn't work exactly as planned since the juice still needed considerable straining to filter out all the sediment. Here is what I did to get a delicious juice with an amber colour and cidery taste. Son #1 set up the photo for tonight's post.EQUIPMENT/INGREDIENTSMakes about 6L of juice- 24 lbs apples- 1 juicer- 2 clean tea towels, damp (they will get stained)- two large pots/bowls- kitchen thermometer- 6 1L canning jars and lidsMETHODSterilize your jars. Get a large pot of water boiling to process the jars of juice.1. Use large rubber bands to affix the tea towels over the top of the pots/bowls. Don't make the towel tight over the bowl; rather, make sure it dips into the bowl so it can hold the juice.2. Working in batches, chop the apples and process them through the juicer. Pour into the towel over one of the bowls and let drip through. You will find that the towel quickly gets gummed up with a pectiny residue, so I made this a pretty rough filtering. Once most of the juice passed through, I detached the towel and squeezed the remaining juice through. Then, I poured it through the other towel while I cleaned the first towel. I then passed it through the first towel once again.3. Once all the juice has been filtered, heat to 190 degrees F and keep at that temperature for 5 mins. Pour into jars, top with lids, then screw the ring on finger tight. Place in pot of boiling water (making sure water covers lids), return to boiling, then boil for 10 mins with lid on. Remove from heat, remove lid, and let sit for 5 mins. Remove jars from water and let cool.
more recipes @ vegandad.blogspot.com
We have apples coming out of the wazoo! I guess it is too cold to grow apples up here (there are no local orchards that I know of), so my in-laws bring us a whole whack of apples from down south every fall. So, after making apple pie, apple crisp, and huge batch of apple sauce, we still had tons left. The obvious thing to do next was to try my hand at apple juice. OK, first just let me say that apple juice is A LOT of work. I don't know how they can sell huge cans of it for 99 cents. I started with a recipe in my canning cookbook that called for 24 lbs of apples to be chopped, cooked in 8 cups of water, then hung in a cheesecloth and left to drip for 2 hrs. That sounded like too much work, plus I doubted any cheesecloth could hold 24 lbs of cooked apples. Enter my Jack LaLanne power juicer! I figured the juicer would eliminate the initial cooking step and perhaps filter the juice a bit. Well, it didn't work exactly as planned since the juice still needed considerable straining to filter out all the sediment. Here is what I did to get a delicious juice with an amber colour and cidery taste. Son #1 set up the photo for tonight's post.
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