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!
Triple Berry Kiwi Smoothie.
A fresh and healthy triple berry kiwi smoothie that’s loaded with vitamins and antioxidants. This smoothie is a great way to boost your immune system!
We’re all so busy at this time of year, we forget to take care of ourselves sometimes, don’t we?
Tropical sunshine smoothie - dairy free recipe.
TROPICAL SUNSHINE SMOOTHIE – A GREAT WAY TO START YOUR DAY!
With lots of indoor activities, and children passing around germs, it’s easy to catch whatever’s going around. We have to remember to take care of ourselves, or we wind up run down and sick.
A healthy smoothie is a great choice for breakfast on busy days. Throw everything in the blender, give it a whirl, and you’re good to go. You don’t need a Vitamix to make a super smoothie – this blender is SO powerful, and a fraction of the price. Plus, you can add on this blend and go smoothie jar, which is really convenient. (affiliate links)
This one is full of antioxidants and vitamin C from all the berries and fresh kiwi. Did you know that one kiwi has over 100% of the recommended daily value of vitamin C? And it has a rare form of vitamin E that’s fat-free.
The three types of berries are also excellent for immunity as well since they are full of vitamin C and bioflavonoids. Eating a variety of berries is very good for you as you get a variety of antioxidants. The darker the berries, the more antioxidants they contain. You could also add some blackberries to this smoothie if you
want.
I used orange juice for added vitamin C and calcium, but you could use water or even cranberry juice if you prefer.
Tips for making this triple berry smoothie:
If you find that your frozen berries or the kiwi are too tart, you can add a little maple syrup or honey to sweeten this if needed, or any sweetener that works for your diet.
Occasionally frozen strawberries are on the tart side – so if fresh fruit is in season, you can use that instead if you prefer!
If you wanted to add more antioxidants and iron, you could even throw some fresh kale or spinach in here. It shouldn’t change the flavor, but it will change the color – it won’t be such a vibrant shade of deep pink.
You can also add chia seeds, flax seed meal, or hemp seed hearts (affiliate links) if you are interested in adding some protein and healthy fats to this smoothie. I didn’t choose to do that this time, but it’s a great option if you want this to have more staying power between meals.
This is a beautiful smoothie to enjoy whether you’re sick or well. It’s the perfect breakfast or snack.
A Triple berry kiwi smoothie that's packed with antioxidants and vitamin C. Perfect for the winter months!
Ingredients
- 1 cup frozen strawberries
- 3/4 cup frozen raspberries
- 1/2 cup frozen blueberries
- 2 kiwifruit peeled and sliced
- 1 cup orange juice
Instructions
- Place the frozen berries in the blender and let them thaw for about 10 minutes.
- Add the kiwifruit and the orange juice and blend on high until smooth.
- Top with more kiwi or berries if desired.
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