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!
Pasta Salad with Fresh Tomatoes, Mozzarella and Basil Pesto
I hope you had a great Memorial Day weekend!Yesterday, I enjoyed a perfect day at the beach. The weather was gorgeous, the waves were spectacular, and the water was warm enough for me to get wet. But no, I did not go for a swim. Even if I have been here in Southern California for a few years now, I like to stay with my feet in the sand. I grew up swimming in the warm and quiet Adriatic Sea, and I'm not yet used to huge waves and the big creatures that can be found around here, like dolphins, seals, and a shark now and then. One of the thing in my bucket list thou is learning to paddleboard, so I might have to get used to the ocean soon!Yesterday, for my picnic lunch at the beach, I made this summery and wholesome pasta salad with fresh tomatoes, mozzarella and basil pesto. This is the most classic of the Italian pasta salad. Great not only for picnics, but also perfect for your next potluck dinner or barbecue.As I mentioned many times before, when the recipes only requires few ingredients, these should be extremely tasty and of great quality. My fresh tomatoes are from the local farmers market. The mozzarella is fresh, I bought mine from Trader Joe's. And the basil sauce is a very light homemade pesto, prepared with fresh basil, olive oil, Parmesan cheese and, if you like, a bit of garlic.The basil I used is from my plant. Still the same I had more than a month ago. I know some of you were concerned about its well being, but as you can see, it's looking good and still alive!! Well, maybe it needs some water right now :)Ingredients: serving 4
- 8 oz fresh mozzarella cheese
- 3-4 fresh tomatoes
- one bunch of basil leaves
- 6 tablespoons of extra virgin olive oil
- 2 tablespoons of Parmesan cheese
- half garlic clove - optional
- salt and pepper
- 12 oz of pasta, I used Barilla farfalle pasta
Preparation time: 20 minutesDirections:
Step 1: Bring a large pot of salted water to a boil, and cook the pasta following the directions on the box. While the water boils and the pasta cooks, we can prepare the sauce for the farfalle.Wash and cut the tomatoes in small cubes. Add to a large bowl and season with salt, and pepper if you like.Step 2: Prepare a light
pesto sauce: combine the oil, basil, salt and garlic (if you use it) in a processor and pulse until chopped. Add the Parmesan cheese and mix well. Add some olive oil if the sauce is too dense.
Step 3: Drain the pasta when ready, and run it under cold tap water for a minute. This will prevent the pasta from overcooking. The pasta should be al dente, right? Add to the bowl with the tomatoes, add the pesto sauce, and mix well.
Step 4: Cut the mozzarella cheese in small cubes, and if the pasta is cold, add to the pasta, and mix one more time. You don't want the mozzarella to melt!
And that's all :)
Buon Appetito!
more recipes @ http://cookingwithmanuela.blogspot.com
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