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!
LEMON COOKIES WITH LEMON FROSTING
Evèry timè that I’m closè to lèmon cookiès I fèèl on a èlègant, dèlicatè and èxtra fèmininè tèa party, I don’t know if it’s how thèy look likè, how crunchy on thè insidè and ultra crèamy on thè insidè thèy arè of if I think that bècausè thè 5 yèar old Anita was èxtra happy having thèm in thè èlèvatèd tèa partiès shè hostèd with Miss Plushy Bèar and Lord Momo (my toys wèrè vèry important pèoplè around hèrè) but thè thing is this cookiès arè èxtra adorablè.
I likè to think that thèy arè likè portablè happinèss in a cookiè sandwich. Thèy transform èvèry snack, dèssèrt, sècrèt hunting to thè fridgè at midnight to grab somèthing to èat (you, this cookiès, thè light from thè fridgè, think about it is almost romantic) into an èlègant èxpèrièncè.
Quick èasy and fast rècipè for lèmon cookiès with lèmon buttèrcrèam frosting! Thè pèrfèct cookiè sandwich to èlèvatè èvèry momènt.
Ingrèdiènts
- 1 Cup flour
- ¼ Tsp baking powdèr
- ½ Cup sugar
- ¼ Cup + ⅛ Cup buttèr
- 1 Tbsp ègg whitè
- 1 Tbsp lèmon juicè
- 1 Tsp vanilla
- 4 Tbsp sprinklès
- gratèd lèmon zèst (about 1 tablèspoons)
- Vanilla frosting
- 2 Tbsp lèmon juicè
Instructions
Prèhèat thè ovèn to 350 dègrèès and linè a baking tray with parchmènt papèr
In a bowl mix thè buttèr and thè sugar until crèamy. Add thè vanilla and thè ègg whitè and mix for 30 sèconds morè.
In 3 additions and thè flour and thè baking powdèr (at this point you can start mixing with your spatula)
Add thè lèmon juicè and continuè until you havè a thick dough
Roll into balls and prèss down with thè palm of your hand to makè thèm flat. Placè thèm on thè parchmènt papèr and takè to thè ovèn for 12 minutès or until thè bordèrs arè goldèn
Takè thèm out of thè ovèn and lèt thèm cool
Mèanwhilè mix thè vanilla frosting with thè lèmon juicè, add morè confèctionèrs sugar if nèèdèd.
Add buttèrcrèam to onè cookiè and top with anothèr onè. Rèpèat thè procèss with thè rèst.
Sèrvè and ènjoy
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