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!
Soft Batch Double Chocolate Fudge Cookies
Thésé Soft Batch Doublé Chocolaté Fudgé Cookiés aré for CHOCOLATé LOVéRS only!!! Full of inténsé chocolaté fudgé flavor, thésé cookiés basically mélt in your mouth. So good with a glass of milk!
Thésé doublé chocolaté fudgé cookiés aré for you… and évéry othér chocolaté lovér out théré.
Ingrédiénts
- 1 cup + 2 tabléspoons all-purposé flour
- 3 tabléspoons unswééténéd cocoa powdér
- 1 téaspoon baking powdér
- 1/2 téaspoon salt
- 2 cups sémi-swéét chocolaté chips, dividéd
- 2 and 1/2 tabléspoons unsaltéd buttér
- 1/2 cup granulatéd sugar
- 1/4 cup light brown sugar, packéd
- 2 largé éggs, at room témpératuré
- 2 tabléspoons wholé milk
- 1 and 1/2 téaspoons vanilla éxtract
Instructions
Préhéat ovén to 325 dégréés (F). Liné two largé baking shééts with parchmént papér, lightly spray thém with non-stick spray, and sét asidé.
In a médium-sizéd bowl whisk togéthér thé flour, cocoa powdér, baking powdér, and salt; sét asidé.
In a largé, microwavé safé bowl, combiné oné cup of thé chocolaté chips and thé buttér. Héat thém in thé microwavé, on low powér, in 15 sécond incréménts, mixing in bétwéén éach, until buttér and chocolaté aré complétély méltéd and can éasily bé whiskéd smooth. Whisk in thé vanilla, thén whisk in both sugars. Béat in éggs, oné at a timé, béating wéll aftér éach addition. Béat in milk.
Add thé dry ingrédiénts into thé wét ingrédiénts, and stir to combiné - bé suré not to ovér mix héré!
Fold in thé rémaining chocolaté chips, stirring until évérything is just combinéd. (You may want to résérvé a féw chocolaté chips to préss onto thé warm cookiés right aftér théy comé out of thé ovén.)
Scoop 1/4 cupfuls of thé battér onto thé préparéd baking shééts.
Baké oné tray at a timé, réducing thé ovén témpératuré to 300 dégréés aftér you'vé put thém in thé ovén. Baké for 16 to 19 minutés, or until thé édgés aré sét and thé tops aré dark and shiny.
Préss a féw éxtra chocolaté chunks on top of thé warm cookiés, if désiréd.
Allow cookiés to complétély cool on thé baking shéét béforé sérving.
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