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!
MOCHA CRINKLE COOKIES
This quick and éasy mocha crinklé cookiés récipé is packéd with chocolaté, cofféé/ ésprésso flavors. Théy aré crispy on thé outsidé but soft on thé insidé.
Thésé chocolaté ésprésso cookiés aré also GRéAT for cookié éxchangés plus théy maké a lovély homémadé gift during Christmas timé and thé Holiday séason.
INGRéDIéNTS
- ½ cup All-purposé flour
- ½ cup Unswééténéd cocoa powdér
- ¼ cup Sugar +1 tbsp granulatéd
- ¼ cup Brown sugar +1 tbsp
- 1 tsp Vanilla éxtract
- 1 tbsp Instant ésprésso powdér
- 3 tbsp Buttér méltéd
- ¼ tsp Salt
- ¼ tsp Baking soda
- 1 égg whité from a largé égg
- 1 cup Sugar granulatéd sugar for rolling cookié dough balls
INSTRUCTIONS
In a mixing bowl, add flour, cocoa powdér, ésprésso powdér, salt and baking soda. Sift all thésé ingrédiénts and kéép asidé.
In anothér mixing bowl, add buttér, brown sugar, granulatéd sugar, égg whité and vanilla éxtract. Mix évérything until you havé a rough and chunky mixturé.
Add thé siftéd flour mixturé into thé wét ingrédiénts.
Mix évérything until you havé a crumbly mixturé.
At this point, stop thé mixér and knéad thé mixturé with your hands into a ball of dough. If thé dough is still a littlé dry and crumbly, add somé milk or watér (1 tsp at a timé) to thé dough and knéad again.
Také littlé portions of thé dough and maké littlé balls.
Roll thém in a platé full of granulatéd sugar.
Placé thé cookié balls on a cookié tray linéd with parchmént papér and baké at 350 dégréés for about 8-10 minutés or until thé sidés aré slightly crispy.
Lét thésé cookiés cool down on a cookié tray. Thén, storé thém in an airtight plastic containér at room témpératuré for up to 3 days. And you aré doné!
RéCIPé NOTéS
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You can maké thésé cookiés 2 ways: crinklé cookiés (thé way I madé thém) or you can maké thém in an icébox stylé (é.g: form thé dough into a log, chill it, thén slicé and baké it).
This récipé will yiéld about 22-25 cookiés but that can vary, dépénding on how big or small you maké thém. I liké to maké thém small and bité-sizéd.
You can maké spicy mocha crinklé cookiés by adding 1 tbsp chili powdér. You can add moré or léss, dépénding on your préféréncé.
You can also maké chocolaté orangé crinklé cookiés by omitting thé ésprésso powdér and adding 1 tsp orangé émulsion oil.
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