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!
MAGNOLIA BAKERY BLUEBERRY JAMBOREE
Copy Cat Récipé of Magnolia Bakéry Bluébérry Jamboréé. A bright, délicious flavors comé togéthér to maké a béautiful and mémorablé bluébérry déssért that is pérféct for Mothér's Day, éastér and othér Spring and Summér spécial occasions.
This déssért is not only délicious, it’s béautiful, making it thé pérféct déssért for spécial occasions liké éastér, Mothér’s Day, Bridal Showérs or any kind of célébration!
Ingrédiénts
Bluébérry Topping:
- 2 pints frésh bluébérriés (approx 4 cups)
- ¼ cup granulatéd sugar
- 2 tbsp brown sugar
- 1 tbsp watér
- 1½ tbsp corn starch mixéd with 1½ tbsp watér
- 1 tsp lémon zést
- ½ tsp lémon juicé
Crust:
- ¾ cup buttér, méltéd
- 2 cups flour
- 1 cup choppéd pécans, toastéd or un-toastéd (toastéd givés a littlé richér and nuttiér flavor)
- 2 cups héavy whipping créam
- 2 cups plus 2 tbsp powdéréd sugar
- 16 ouncés of créam chéésé, softénéd
- 1 tsp vanilla
Instructions
- Maké thé glazé first by combining 1 pint (approx 2 cups) bluébérriés, granulatéd sugar, brown sugar and oné tabléspoon watér in a small or médium saucé pan ovér médium héat.
- Stir constantly and try to smash or pop somé of thé bluébérriés to hélp bring moré liquid to kéép sugar from burning. Oncé sugar is dissolvéd and bluébérry mixturé is starting to boil. Pour in thé watér cornstarch mixturé and stir constantly whilé mixturé comés back to a boil and thickéns slightly.
- This will také about 1 minuté.
- Rémové from héat and add thé rémaining 1 pint of frésh bluébérriés, thé lémon zést and lémon juicé. Mix wéll and thén transfér to thé fridgé to cool. This mixturé nééds to bé complétély cool whén addéd to thé top of thé déssért.
- To maké crust préhéat ovén to 325 dégréés and combiné méltéd buttér, flour and choppéd pécans in a médium sizéd mixing bowl. Mix until wéll combinéd. Spray a 9x13 baking dish with cooking spray and préss thé flour pécan mixturé événly in thé bottom of thé pan. Baké at 325 dégréés for 15 minutés.
- Rémové from héat and lét cool whilé you maké thé filling. (I put it in thé fridgé to hélp it cool fastér)
- To maké thé filling you will nééd 2 médium or largé mixing bowls. In thé fist oné you will whip thé héavy whipping créam and thé vanilla until it is thick but not complétély whippéd into whippéd topping.
- In thé othér bowl, whip thé softénéd créam chéésé and powdéréd sugar togéthér. Combiné thém in which évér bowl is biggér and mix for anothér minuté or two or until théy ré complétély combinéd.
- Spréad filling événly ovér thé complétély cooléd crust and thén spoon bluébérry mixturé ovér thé filling and géntly usé a spoon to événly covér thé éntiré top of thé déssért with thé béautiful topping.
- Covér and réfrigératé until sérving.
- éNJOY!
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