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!
LEMON BROWNIES RECIPE
Lemon Brownies~delicious lemon bars that are moist, dense, and chewy, just like a brownie only perfectly lemony! Best lemon dessert !!
Like a good chocolate brownie, these bars are dense, fudgy, and moist.
The flavor is like the best bite you’ve ever had of sweet, fresh, bursting, intense lemon !!
LEMON BROWNIES RECIPE
INGREDIENTS- 3/4 Cup All-Purpose Flour
- 3/4 Cup Sugar
- 1/4 Teaspoon Salt
- 1/2 Cup 1 Stick Unsalted Butter, At Room Temperature
- 2 Large Eggs
- 2 Tablespoons Lemon Zest
- 2 Tablespoons Lemon Juice
GLAZE:- 1 Rounded Cup Powdered Sugar
- 3 Tablespoons Lemon Juice
- 2-3 Teaspoons Lemon Zest
INSTRUCTIONS- Line an 8X8 inch baking dish with aluminum foil, overhanging the edges 2 inches on two opposing sides. Spray with nonstick cooking spray and set aside. Preheat oven to 350 degrees.
- In the bowl of a stand-up mixer, add the flour, sugar, salt, and butter and beat until well combined.
- In a separate bowl, add the eggs, lemon zest, and lemon juice and mix until well combined. Add this egg mixture to the flour mixture and beat on medium speed for 2 minutes until mixture is smooth and creamy.
- Pour batter into prepared baking dish and using an offset spatula, smooth out the top of the batter. Bake in preheated oven for 20-25 minutes, or until the edges just begin to turn golden or a toothpick inserted in the center of the brownies comes out clean or with a few moist crumbs. Cool the brownies completely in the pan set on a wire baking rack before applying the glaze.
- Make the glaze by sifting the powdered sugar into a large mixing bowl. Add 1 1/2 tablespoons of lemon juice to powdered sugar and using a hand-held electric mixer, beat until the juice is completely combined. Add more lemon juice, 1 teaspoon at a time, until glaze reaches a thick but just spreadable consistency. Pour glaze onto the center of the completely cooled Lemon Brownies and use an offset spatula to spread and cover the surface. Sprinkle the top with remaining 2-3 teaspoons of lemon zest.
Note :
- I recommend refrigerating overnight, then removing from the pan, and cutting into bars.
- Only fresh lemon juice will work for this recipe.
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