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!
YOGURT AND CEREAL PARFAIT WITH FRUIT JELLY
YOGURT AND CEREAL PARFAIT WITH FRUIT JELLY
This shop has been compensated by Collective Bias, Inc. and its advertiser. All opinions are mine alone. #ReimagineYourCereal #CollectiveBias
This super easy yogurt and cereal parfait with fruit jelly comes together in a snap for breakfast. Just a little prep work the night before means a special breakfast the next morning.
Ever since I was a child, I’ve loved all things jello-y. I wanted to incorporate this into my parfaits, but still keep it breakfast friendly. The jelly I used here is SUPER easy and super guilt free! At least, guilt free if you are cool with 100% fruit juice. Which, come on… It’s fruit juice.
So let me tell you the easy steps to make this parfait.
Step one.
This super easy yogurt and cereal parfait with fruit jelly comes together in a snap for breakfast. Just a little prep work the night before means a special breakfast the next morning.
Ingredients
- 1 lb Plain full fat Greek yogurt
- maple syrup optional, to taste
- 2 cups cereal optional, one cup each of two different cereals
- 2 cups 100% fruit juice optional, one cup each of two different flavors
- 1 T gelatin
Instructions
The night before:
- Instructions for 1 cup of fruit juice: Get two bowls out, and one cup of chilled juice. Pour 1/4 cup of juice into one bowl, and the rest into the other. Sprinkle 1/2 T of gelatin over the 1/4 cup of juice and allow to bloom for a couple of minutes. Microwave the other bowl of juice until just boiling. Add the hot juice to the gelatin juice and mix until fully combined. Pour the juice into a mold and place in the refrigerator when no longer hot. Allow to set for several hours of over night. Repeat with another cup of a different flavored juice. When solidified, take a fork and mash the jelly up into pieces. Note: using two different colored juices will make for a prettier presentation!
In the morning:
- In clear cups, layer yogurt, jelly, and cereal. You may want to sweeten your yogurt with some maple syrup. I give my kids plain, but sweeten mine slightly. You can also use flavored yogurt.
- Eat immediately, as cereal will start to get soggy if you leave it too long.
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