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!
Hot Chocolate Breakfast Smoothie
Stay warm next winter with this creamy hot chocolate breakfast smoothie! Made with wholesome ingredients and loaded with fiber and plant based protein, this vegan smoothie makes a healthy and comforting breakfast or snack.
I personally have to start my day on a sweet note or I’ll be in the kitchen looking for dessert about 15 minutes after finishing breakfast. And it doesn’t matter how much fibre, protein, or healthy fat I eat — the sweet tooth will still demand satisfaction.
It legit tastes like a cup of creamy hot chocolate, but it’s made with wholesome ingredients that you’d normally enjoy for breakfast, like oats (I promise you can’t taste/feel them), nut butter, maple syrup, and almond milk… with some cocoa powder tossed in for good measure.
Hot Chocolate Breakfast Smoothie Recipe
Ingredients :- 1 1/4 cup (300 ml) unsweetened vanilla almond milk
- 1 Tbsp (16 g) nut butter OR dairy-free chocolate chips*
- 1 Tbsp (15 ml) maple syrup**
- 1/2 cup (40 g) rolled oats
- 2 Tbsp (10 g) unsweetened cocoa powder
- 1/2 tsp vanilla extract
Instructions :- The night before, add all ingredients (except chocolate chips, if using) to the bowl of your blender and give it a stir to ensure that everything is well combined. Cover and place in fridge for at least 3 hours, preferably overnight. This step isn't absolutely necessary, but allowing the oats to soak for a few hours will make them easier to blend and give you a smoother, creamier smoothie.***
- When ready to eat, blend on high until oats are fully broken down and a smooth and creamy consistency is reached.
- Transfer the smoothie to a small saucepan set over medium heat (adding chocolate chips, if using) and bring to a simmer or boil, depending on how hot you want it. If the smoothie is too thick, add an extra splash of almond milk until desired consistency is reached.
- When your smoothie reaches your preferred temperature, transfer it to a heat-safe glass, garnish with toppings of choice, and enjoy!
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