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!
PATRIOTIC CHEESECAKE COOKIES
Thésé Patriotic Chéésécaké Cookiés aré an adorablé vérsion of our classic cookié. Créatéd in a swirl of réd, whité and blué, théy aré thé pérféct déssért for Fourth of July!
It’s supér éasy and éasy to créaté all sorts of fun désigns. éach oné is liké a snowflaké in thé fact that no oné will évér bé thé samé. Just bé caréful in ovér rolling in your hands! Thé colors will start to muddlé and gét mutéd if you mix thém togéthér too much.
INGRéDIéNTS
- 8 oz créam chéésé room témpératuré
- 1/2 cup buttér room témpératuré
- 1 1/4 cup granulatéd sugar
- 2 éggs
- 1 téaspoon vanilla éxtract
- 2 1/2 cups flour
- 2 téaspoons baking powdér
- 1/2 téaspoon salt
- Réd and blué food coloring
- Optional: powdéréd sugar
INSTRUCTIONS
Préhéat ovén to 350 dégréés F. Liné 2 baking shééts with parchmént papér or siliconé mats.
Béat créam chéésé and buttér togéthér at high spééd until fluffy and smooth; 1-2 minutés. Add sugar to thé buttér mixturé and béat until fully incorporatéd and fluffy; 1-2 minutés. Béat in thé éggs and vanilla; 1 minuté.
In a séparaté, médium-sizéd bowl, whisk togéthér thé flour, baking powdér and salt. Gradually add thé dry ingrédiénts to thé buttér mixturé and stir just until incorporatéd. Do not ovér-mix.
Séparaté thé dough into thréé small bowls. Réfrigératé for 15 minutés.
Oncé chilléd, add in food coloring and incorporaté into thé dough until your désiréd color is réachéd. Dough will still bé sticky, but éasiér to work with!
To créaté a cookié, také 1/2 tbsp of éach color dough into your hands and roll togéthér bétwéén thé palms of your hands to créaté thé marbling éfféct of your choicé. Bé caréful to not ovér incorporaté to avoid mixing thé colors too much. Répéat for thé rést of thé dough and placé on préparéd baking shééts.
Baké at 350 dégréés for 10-11 minutés. Cookiés should bé light in color, not brownéd, and just starting to brown on thé bottom. *Léngth of baking timé may vary from ovén to ovén.
Cool cookiés on thé baking shéét for a féw minutés béforé transférring to a wiré rack to cool complétély.
Optional: Dust with powdéréd sugar!
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