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!
Easiest Oreo Cheesecake
This cheesecake is the perfect example of something that is simple, that can be made infinitely more complicated. Google a recipe for cheesecake and you’re sure to find methods that call for you to cook it in a water bath to keep it from browning or tell you that you’ve got to stand on your head while reciting the alphabet backwards for the last 14 minutes of the cook time to keep it from cracking. Ugh. Complicated. I’m here to tell you… this is not one of those recipes.
Yes, this cheesecake will brown – on the edges AND the top. So what. And it will probably crack in the middle too. But guess what? It will taste just the same. Yep, sure will. And if you don’t like the way it looks, drizzle it with some chocolate syrup and add a dollop of whipped cream – heck, even a dollop of Cool Whip… yes, I said Cool Whip. This is seriously the easiest cheesecake. It’s perfect for when you need something UNcomplicated.
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Ingredients
- 1 (14.3-ounce) package Oreos, divided
- 3 tablespoons butter, melted
- 4 (8-ounce) packages cream cheese, softened
- 1¼ cup sugar
- 2 teaspoons vanilla extract
- 4 eggs
Instructions
- Preheat the oven to 350°F. Lightly spray a 9-inch spring-form pan with nonstick cooking spray.
- Place about half of the Oreos (about 18) in a gallon size zip-top bag. Crush the cookies using a rolling pin. Pour the crushed Oreos into a small bowl and mix with the melted butter. Pour the mixture evenly into the bottom of the spring-form pan and press firmly to create a crust.
- In the bowl of a stand mixer (or with a bowl and hand mixer) combine the softened cream cheese, sugar, and vanilla until well combined. Add the eggs and mix well. Roughly break up the remaining cookies and add them to the mixture, reserving some to sprinkle on top. Gently fold the cookies in and pour the batter onto the crust. Lightly tap the pan on the counter to get out any air bubbles. Sprinkle with the remaining Oreos.
- Bake for 40 to 50 minutes, or until the center in almost completely set. Cool and then refrigerate overnight to allow the cheesecake to firm up before serving (or at least 3 hours for those impatient folks). Drizzle with chocolate syrup and add a dollop of whipped cream, if desired.
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