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!
Sugar Free Marshmallows with Toasted Coconut
These super easy Sugar Free Marshmallows are soft and pillowy like a delicious cloud! Try them today and you can thank me later!
Hi there, Joy Filled Eats family! I am thrilled to be here and share with you one of my favorite recipes: Toasted Coconut Marshmallows. Once I realized how quick and easy it is to make homemade sugar free marshmallows, it was a game-changer. I will never go back! Homemade marshmallows are so much better than the store-bought ones full of corn syrup and preservatives too. They are softer and squishier and you can add different flavorings to play with the taste. They aren’t quite as chewy or stretchy as the store-bought ones, but they are delicious. And guilt-free!
Sugar Free Marshmallows with Toasted Coconut - Keto, Low Carb, Gluten-Free, Grain-Free, THM S - These super easy marshmallows are soft and pillowy like a delicious cloud!
INGREDIENTS :
For Marshmallows:
- 1 cup water
- 1/2 cup powdered sweetener (e.g. Lakanto Powdered Monk Fruit Sweetener)
- 1 tsp vanilla
- 4 large egg whites (or 1/2 cup from a carton)
- 1/4 tsp cream of tartar
- 1/4 cup gelatin
For Toasted Coconut:
- 1 package unsweetened shredded coconut
INTRUCTIONS :
For Toasted Coconut:
- Spread your shredded coconut onto a baking sheet.
- Bake at 350 for 5 minutes.
- Prepare your 9x13 pan by sprinkling a thin layer of toasted coconut onto the bottom. Use about half of the coconut and reserve about half for later.
For Marshmallows:
- In a small saucepan, add water and sprinkle the gelatin over top.
- Let the gelatin sit for 5 minutes to "bloom" (soften).
- Meanwhile, whip your egg whites on high power until they have stiff peaks.
- Add cream of tartar and mix briefly to combine.
- Once the gelatin has bloomed, stir mixture until it is smooth. If some lumps remain, place the saucepan over low heat and melt the lumps.
- Add the powdered sweetener to the gelatin mixture and stir to combine.
- Transfer the mixture to a glass measuring cup with a spout. If some lumps of gelatin still remain, strain the mixture as you transfer it.
- Turn the mixer onto low speed and slowly drizzle in your gelatin mixture.
- Once the gelatin is incorporated, turn the mixer back up to high speed and whip the mixture for 3 or 4 minutes until it increases in volume and becomes thick and shiny. Add the vanilla in the last minute, after the gelatin has all been incorporated.
- Quickly transfer the marshmallow into your prepared pan and spread it out.
- Sprinkle some additional toasted coconut on top of the marshmallow.
- Let the marshmallow set for at least an hour (overnight is good). Cut into squares.
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