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!
HOMEMADE ALFREDO SAUCE
The most creamy and delicious homemade alfredo sauce that you will ever make! This is a tried and true recipe and you will agree that it is the best recipe out there! 
I just had to post my favorite alfredo recipe that I have created here on the blog. There are a few secret ingredients that set it apart from all of the rest. If there is one thing I can always count on my family to eat it is my homemade alfredo sauce over pasta. We recently had some company over for dinner and I made these Chicken Bacon Garlic Alfredo Roll Ups and they always are a huge hit!
This alfredo sauce is thick and creamy and the flavor is out of the world. It is restaurant quality that you can make right at home. It has delicious garlic flavor and italian seasonings. I like to add cream cheese to my alfredo for that extra creamy flavor and texture. This alfredo sauce always gets raved about whenever I make it!
This alfredo sauce comes together pretty easily and you will never go back to the jarred alfredo sauce again! Ick! This alfredo sauce is awesome on top of just about any pasta but is also delicious used as a dip or even spread on pizza.47
I think this sauce is even better than any restaurant that I have been to and the best part is that you can make it yourself! It is thick, creamy, and rich and the perfect sauce on top of your favorite pasta.
I know that you will quickly agree that this is the BEST! This will be a recipe that you make again and again, just like I do!
- ½ cup butter
- 1 pint heavy whipping cream (2 cups)
- 4 ounces cream cheese
- ½ teaspoon minced garlic
- 1 teaspoon garlic powder
- 1 teaspoon italian seasoning
- ¼ teaspoon salt
- ¼ teaspoon pepper
- 1 cup grated parmesan cheese
- In a medium saucepan add butter, heavy whipping cream, and cream cheese. Cook over medium heat and whisk until melted. Add the minced garlic, garlic powder, italian seasoning, salt and pepper. Continue to whisk until smooth. Add the grated parmesan cheese.
- Bring to a simmer and continue to cook for about 3-5 minutes or until it starts to thicken. Toss it with your favorite pasta!
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