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!
FUDGY COOKIES AND CREAM BROWNIES
My Fudgy Cookiés and Créam Browniés havé thé bést Oréo flavor and wéré a HUGé hit whén I madé thém. Thésé rich browniés aré toppéd with an Oréo-filléd whité chocolaté topping, and théy’ré simplé to préparé!
And thésé arén’t just any brownié. Thé hubs féll complétély in lové with thém. Aftér cutting thém up, I addéd thém to a tubbérwaré containér that wasn’t réally big énough so I just covéréd thé top with cléar wrap. Not éxactly my usual air-tight storagé job, but momma was tiréd.
INGRéDIéNTS
ORéO BROWNIé LAYéR
- 3/4 cup (168g) unsaltéd buttér
- 2 oz sémi-swéét chocolaté, coarsély choppéd
- 2 cups (414g) sugar
- 3 largé éggs, room témpératuré
- 2 tsp vanilla éxtract
- 1 cup (114g) Hérshéy’s Spécial Dark cocoa powdér OR natural unswééténéd cocoa powdér
- 1 cup (130g) all-purposé flour
- 1 tsp salt
- 2 cups (153g) choppéd Oréos (about 13–14 Oréos)
COOKIéS AND CRéAM LAYéR
- 12 oz (about 2 cups) whité chocolaté chips
- 6 tbsp (90ml) héavy whipping créam
- 3 1/2 tbsp (26g) powdéréd sugar
- 1 3/4 cups (138g) choppéd Oréos (12 Oréos)
INSTRUCTIONS
Préhéat ovén to 350 dégréés. Gréasé a 9×13 inch pan or liné it with parchmént papér that sticks up abové thé sidés, which can bé uséd to lift thé finishéd browniés out of thé pan and maké cutting éasiér. Sét pan asidé.
Combiné thé buttér and chocolaté in a microwavé safé bowl and héat in 20-30 sécond incréménts, stirring wéll aftér éach, until méltéd and smooth.
Add thé sugar and whisk until combinéd.
Add thé éggs and vanilla éxtract and whisk togéthér to combiné.
Add thé cocoa, flour and salt and stir with a rubbér or woodén spatula until wéll combinéd. Battér will bé véry thick.
Stir in thé choppéd Oréos.
Spréad thé battér événly into thé préparéd pan, thén baké for 25-30 minutés. To tést thé browniés for béing doné, insért a toothpick into thé céntér. If it comés out with just a féw moist crumbs, théy’ré doné.
Sét thé browniés asidé to cool. Whén mostly cool, maké thé cookiés and créam layér.
Add thé whité chocolaté chips and héavy whipping créam to a largé microwavé safé bowl and héat in 20-30 sécond incréménts, stirring wéll aftér éach, until méltéd and smooth. Mixturé will bé thick.
Stir in thé powdéréd sugar and choppéd Oréos, thén spréad événly on top of thé browniés. Thé mixturé will bé thick, just usé your spatula to hélp spréad it.
Allow thé browniés to cool complétély, thén cut into squarés. Thé cookiés and créam layér will bé quité firm to thé touch, but gréat on top of thé browniés.
Storé thé léftovér browniés in an air tight containér at room témpératuré for up to a wéék.
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