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!
BACON JAM
I had never heard of Bacon Jam until my brother told me he had made it and loved it. That was over a year ago and once again I’m wondering why I waited so long to make it!
It has a delicious unique flavor that will compliment many foods as well as being fantastic all by itself as an appetizer. This recipe is made in the crock pot, which made me extremely happy with the heat and humidity we’ve been having.
I made this with a thick cut Applewood Smoked Bacon to add one more layer of amazing flavor. You can use a thick cut bacon of your choice. Regardless of what you use it for, topping burgers or simply adorning a cracker with it, your going to love it, ENJOY!
INGREDIENTS :
- 1 1/2 pounds Applewood Smoked Thick Cut Bacon cut into one inch pieces
- 2 medium onions diced small
- 1/2 cup Apple cider vinegar
- 2 Teaspoons minced jarred garlic or 3 cloves garlic peeled and smashed
- 1/2 cup dark brown sugar
- 1/4 cup 100 % maple syrup
- 3/4 cup brewed coffee
- 1 Teaspoon red pepper flakes
INTRUCTIONS :
- Place the bacon pieces in a large skillet, cook until light brown. Drain bacon on paper towels and set aside.
- Drain all but one Tablespoon of bacon grease from the pan. Add the garlic and onions to the pan and cook until soft.
- Add the vinegar, maple syrup. brown sugar and coffee to the skillet with the onions and garlic. Bring mixture to a boil, stirring and scraping the bottom of the pan to release the bits on the bottom. Add the bacon and pepper flakes to the pan and stir.
- Place the mixture into a 6 quart crock pot. Cook on high heat, uncovered for 3 - 4 hours until the liquid becomes syrupy.
- Transfer the mixture to a food processor and process until it's coarsely chopped. Let the Bacon Jam cool, refrigerate in a covered container for up to 4 weeks.
Recipe Adapted From
Bacon Jam
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