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!
No May Avocado Tuna Melt Recipe
No Mayo Avocado Tuna Melt is the perfect lunch to get out of the midweek slump! Filled with solid white albacore tuna and veggies, it’s delicious and easy!
I dislike the feeling of the heavy mayo-full tuna. This is why I have been opting for these delicious No Mayo Avocado Tuna Melts lately! They are full of fresh vegetables, melted cheese, and Solid White Albacore Tuna.
Get all your ingredients together, and start to whip up the solid white albacore and avocado mixture. It’s simple: add the tuna and 1/2 an avocado to a bowl with a pinch of salt and pepper. Then just mix it until it’s all combined.
No May Avocado Tuna Melt RecipeNo Mayo Avocado Tuna Melt is the perfect lunch to get out of the midweek slump! Filled with solid white albacore tuna and veggies, it's delicious and easy!
Ingredients- 4 slices whole wheat/grain bread
- 1 can Bumble Bee® Solid White Albacore strained
- 1/2 Avocado sliced
- 1 pinch sea salt
- 1 pinch black pepper
- 1 medium tomato sliced
- 4 leaves red leaf lettuce
- 4 slices havarti cheese (or other white cheese)
- 1 TBS butter
Instructions- In a medium bowl, add tuna, avocado, salt, and pepper; mix using a fork until completely combined.
- Make your sandwiches: Place a slice of bread on the bottom and then layer cheese, tuna mixture, tomatoes, lettuce, and another slice of cheese. Top with remaining bread slices. Spread butter on outside slices of bread.
- Using a large skillet heated over medium heat; add sandwiches (butter side down), and cook for 3-4 minutes, or until bread is lightly browned. Flip and cook for 2-3 minutes or until bread is browned (usually the 2nd side takes a shorter amount of time to cook).
- Remove from skillet and let rest for 2-3 minutes. Using a serrated knife, slice the sandwiches down the middle and serve immediately.
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