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!
Mushroom Lovers Grilled Cheese + 13 more Grilled Cheese Recipes
Mushroom Lovers Grilled Cheese + 13 more Grilled Cheese Recipes
If you love a good grilled cheese sandwich and are a mushroom fan, this amazing sandwich is calling your name, friends! I sauteed some mushrooms and onions in a little bit of butter and then tossed them with garlic salt and soy sauce giving them a fabulous deep flavor. I placed these wonderful mushrooms between two hearty pieces of french bread and both swiss and provolone cheese, then grilled the concoction up…and my goodness. Can I just tell you, it was the best lunch I’ve eaten in a long while. I ate them with the Savory Roasted Sweet Potatoes I posted last week and they were a match made in heaven. Perfect for a hearty lunch or light dinner. Ingredients
1 (8 ounce) package mushrooms
1/2 yellow onion
2 Tb butter
1 Tb soy sauce
1/4 tsp garlic salt
salt and pepper
4 slices french bread
softened butter
2 slices swiss cheese
2 slices provolone cheese
Instructions
1. Slice 1 (8 ounce) package of mushroom into thin pieces. Slice half of a yellow onion as well.
2. Heat a large, deep skillet up over medium high heat. Melt 2 Tb butter in the pan.
3. Add the mushrooms and onions and saute until the onions are translucent and the mushrooms are golden. (Should take about 5-10 minutes).
4. Add 1 Tb soy sauce and 1/4 tsp garlic salt. Give it a nice stir and allow it to cook for 20 more seconds or so. Give the mushrooms a taste and add salt and pepper to your liking.
5. Heat a skillet or griddle up over medium high heat.
6. Slice 4 pieces of french bread (about 1 inch thick). Spread butter over one side of each piece.
7. Take two pieces of bread and place Swiss cheese over the non-buttered side. Add half the mushrooms to each piece, top with provolone cheese and another piece of bread (butter side up).
8. Place the sandwich on the griddle or hot pan. Allow the bottom to become all grilled and golden brown. Then flip the old girl over and let it get grilled on the other side as well.
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