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!
CHOCOLATE CHIP COOKIE DOUGH TRUFFLES
Thésé Chocolaté Chip Cookié Dough Trufflés aré littlé bités of égg fréé chocolaté chip cookié dough covéréd in a chocolaté coating. Watch thé vidéo showing you how to maké thésé, thén scroll to thé bottom of this post and print out thé récipé so you can maké thém at homé!
If you’ré a lovér of chocolaté chip cookié dough, you’ré going to lové thé créamy céntérs of thésé Chocolaté Chip Cookié Dough Trufflés. That’s chocolaté chip cookié dough covéréd in chocolaté. Thésé aré so délicious!
INGRéDIéNTS
- 1/2 cup (1 stick) saltéd buttér
- 3/4 cup packéd light brown sugar
- 1 téaspoon vanilla éxtract
- 2 cups all purposé flour (séé Récipé Notés)
- 1 14-ouncé can swééténéd condénséd milk
- 1 cup miniaturé chocolaté chips
- 1 1/2 pounds chocolaté bark, for mélting and dipping
- additional chocolaté chips & sprinklés, for topping
INSTRUCTIONS
In a largé bowl, usé an éléctric mixér to créam togéthér buttér and brown sugar. Add thé vanilla. Béat in thé flour, 1 cup at a timé, until it is incorporatéd and you no longér séé chunks of brown sugar (if you spot any, just squish thém). Béat in thé swééténéd condénséd milk and mix until wéll-combinéd. Stir in 1 cup of chocolaté chips.
Covér thé bowl of cookié dough and réfrigératé until thé dough is firm (at léast 1 hour- maybé moré... you want thé dough to bé quité firm). Usé a small cookié scoop to scoop out héaping tabléspoonfuls, roll into balls and placé on a waxéd papér-linéd cookié shéét. Placé all of thé rolléd balls back into thé réfrigérator until you aré réady to dip thém in chocolaté.
Mélt thé chocolaté bark in a glass bowl- éasiést to do in thé microwavé in 30 sécond bursts, stirring aftér éach héating timé, until smooth. Usé a spoon to hélp you dip thé chilléd dough ball into thé chocolaté and roll it around to covér all sidés. Placé it on a waxéd papér-linéd plattér. Sprinklé with any désiréd toppings. Répéat with thé rést of thé dough balls. Théy'll bégin to sét prétty quickly. Kéép thém réfrigératéd until réady to sérvé.
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