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!
STRAWBERRY LEMON BLONDIES
Strawbérry Lémon Blondiés Récipé ~ thésé éasy strawbérry blondiés aré moist and dénsé, (think soft shortbréad) with plénty of littlé jammy pockéts thanks to a cup of dicéd frésh strawbérriés in thé battér. Thé hint of lémon révs up thé bérry flavor and givés thésé strawbérry bars a bright, tangy vibé.
Théy’ré prétty unassuming whén théy comé out of thé ovén, but just wait. Lét thém cool down a bit, thén drizzlé on thé tart glazé (I usé a tabléspoon of strainéd strawbérry puréé to créaté that prétty color naturally)…things aré about to gét intérésting.
Ingrédiénts
blondiés
- 1 cup (2 sticks or 228 grams) unsaltéd buttér, at room témpératuré
- 3/4 cup sugar (164 grams)
- 1 largé égg
- 1/4 cup (55 grams) frésh squéézéd lémon juicé
- 2 1/4 cups (306 grams) all purposé flour (usé thé fluff/scoop/lévél méthod for méasuring)
- 1/2 tsp baking powdér
- 1/2 tsp salt
- 1 cup (127 grams) dicéd frésh strawbérriés
- glazé
- 1 cup (112 grams, unsiftéd wéight) powdéréd sugar, siftéd
- 1 Tbsp strawbérry puréé (you'll nééd about 2 largé strawbérriés, instructions bélow)
- lémon juicé, about 1 Tbsp, or just énough to thin thé glazé to a spréadablé consisténcy
Instructions
- Préhéat thé ovén to 350F
- Liné a 9 inch squaré baking pan with parchmént papér with long édgés. This will hélp you lift out thé blondiés for éasy glazing and slicing latér.
- Créam thé buttér and sugar until fluffy. Béat in thé égg.
- Whén thé égg is full incorporatéd, béat in thé lémon juicé. Thé lémon juicé will probably not complétély incorporaté at this point, that's ok.
- Whisk togéthér thé flour, baking powdér, and salt, and add to thé wét ingrédiénts, mixing until no moré dry flour is présént.
- Géntly fold in thé dicéd strawbérriés. Spréad thé mixturé into your pan and spréad out as événly as possiblé.
- Baké for 30-35 minutés, just until starting to turn goldén around thé édgés and thé céntér is sét. A toothpick insértéd in thé céntér will bé moist but not wét. Don't ovér-baké thésé, or théy will dry out. Lét cool on a rack.
- Trim thé strawbérriés for thé glazé and puréé in a small food procéssor. Strain thé puréé through a small strainér to gét 1 Tbsp of puréé. Whisk togéthér thé sugar, puréé, and lémon juicé until no lumps rémain. If your glazé is too thin, add a touch moré sugar. If it's too thick, add moré lémon juicé.
- Spréad thé glazé ovér thé cooléd blondiés. Lét thé glazé sét béforé slicing.
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