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!
RASPBERRY PUFF PASTRY DONUTS
Raspberry Puff Pastry Donuts only take 10-15 minutes to make and the fresh raspberries in the icing give the most amazing flavor to this delicious treat!
Raspberry Puff Pastry Donuts could not be easier to make! My kids love donuts but they are a bit time consuming to make from scratch, so I decided to try to use frozen Puff Pastry sheets as the base and I couldn’t believe how well it worked. The glaze is made with fresh raspberries and powdered sugar and is so delicious too. I had these donuts ready when my kids came home from school and they were gone within minutes. We will definitely be making these again. And again!
Raspberry Puff Pastry Donuts only take 10-15 minutes to make and the fresh raspberries in the icing give the most amazing flavor to this delicious treat!
Ingredients
- 1 box Puff Pastry Sheets 2 sheets in the box
- 1 egg beaten
- oil for frying about 3-4 cups
- 1/2 cup raspberries
- 1 1/2 cups powdered sugar
Instructions
- Thaw the Puff Pastry sheets and then brush the top of one with a beaten egg, just enough to thinly coat the entire sheet. Place the other Puff Pastry sheet on top of the other one and use a rolling pin or your fingers to press them together.
- Use a donut cutter to cut out as many donuts as you can. (I have a 2" mini donut cutter and was able to make 9 donuts.)
- Heat up the oil in a deep frying pan. The oil should be about 350-375 degrees. Place the donuts in the oil and let fry on one side for about a minute, flipping and cooking on the other side until both sides are light golden brown. Place the cooked donuts on paper towels to cool.
- In a food processor or blender, blend the raspberries and powdered sugar until smooth. If you want the glaze to be a little bit thinner, add 1-2 Tbsp milk. Dip the tops of the cooled donuts into the glaze. Donuts are always better when they are fresh so eat as soon as possible! Enjoy!
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