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!
Easy Lemon Blueberry Bread
This Lemon Blueberry Bread is a delicious, flavorful quick bread perfect to enjoy along with a cup of coffee or tea.
This recipe comes together quite quickly and would beautiful for a special brunch, tea party or shower.
If you’re planning a spring brunch, baby shower, wedding shower or party of any kind, you’ll find lots of beautiful and delicious treats perfect to add to your menu!
This Lemon Blueberry Bread is moist, fluffy, sweet and flavorful! I know I’ll be making this recipe again and again!
Lemon Blueberry Bread
Perfectly moist, flavorful and delicious quick bread!
ingredients:- 1 and 1/2 cups all-purpose flour
- 1 teaspoon baking powder
- 1 teaspoon salt
- 1/3 cup unsalted butter, melted
- 1 cup sugar
- 2 eggs
- 1/2 teaspoon vanilla extract
- 2 teaspoons fresh grated lemon zest
- 2 Tablespoons fresh lemon juice
- 1/2 cup milk
- 1 cup fresh or frozen blueberries (I used fresh)
- 1 Tablespoons all-purpose flour
- Lemon glaze
- 2 Tablespons butter, melted
- 1/2 cup powdered sugar
- 2 Tablespoons fresh lemon juice
- 1/2 teaspoon vanilla extract
How to Make :- Preheat oven to 350*F and line a 9"x 5" loaf pan with parchment paper (or lightly grease with butter).
- In a medium bowl, whisk the flour, baking powder and salt, and set aside.
- In the bowl of an electric mixer, blend together the melted butter, sugar, eggs, vanilla, lemon zest and lemon juice. Mix until well combined.
- While slowly mixing, add flour mixture and milk in two batches (some flour, then some milk, then the rest of the flour and the rest of the milk). Stop mixing as soon as it's just combined.
- Rinse off the blueberries (if using fresh) so they have just a bit of moisture on them, then, in a small bowl toss the blueberries and 1 T. flour. This flour coating will help prevent the blueberries from sinking to the bottom of your loaf while baking.
- Add the flour coated berries to the batter and gently but quickly stir, by hand, to combine.
- Immediately pour batter into prepared pan and bake for 55-65 minutes, or until a toothpick inserted in the center of the loaf comes out clean. Cool bread in the pan for about 30 minutes, then move to a wire cooling rack with a baking sheet below (to catch the glaze you're about to add).
- Prepare glaze by simply whisking together the melted butter, powdered sugar, lemon juice and vanilla, then pour glaze over the loaf. Allow to set a few minutes, then enjoy!
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