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!
Butterfinger Cheesecake
Butterfinger Cheesecake is a rich and creamy cheesecake with an oreo crust and lots and lots of crushed Butterfinger candies both in the filling and on top. To make it even more delicious, drizzle some Butterscotch sauce over it.
Butterfinger Cheesecake is super easy to prepare and there’s no need to worry about a crack forming on top since the whole thing will be covered in crushed candy.
When it comes to the Butterfingers, the more the better. I used a total of 5 full size Butterfinger candies. You be the judge of how much you use. You will want that salty, sweet, crunchy peanut butter and chocolate flavor in every single bite.
Butterfinger Cheesecake is a rich and creamy cheesecake with an oreo crust and lots and lots of crushed Butterfinger candies both in the filling and on top. To make it even more delicious, drizzle some Butterscotch sauce over it.
Ingredients
- 25 Oreo cookies, finely crushed (I use food processer)
- 5 tablespoons butter, melted
- 4 (8-ounce) packages cream cheese, softened
- 1 cup sugar
- 3 tablespoons heavy whipping cream
- 1 1/2 teaspoons vanilla extract
- 5 eggs, lightly beaten
- 4 (2.1-ounce) Butterfinger candy bars, coarsely chopped
- Topping
- 1 (2.1-ounce) butterfinger candy bar, coarsely chopped
- Caramel or Butterscotch ice cream topping
Instructions
- Preheat oven to 325 degrees.
- Stir together cookie crumbs and melted butter in a medium bowl. Press into the bottom and 1-inch up the sides of a 9-inch springform pan. Place in refrigerator until needed. (I like to wrap foil around the bottom to prevent any batter from leaking out.)
- In a large mixing bowl using an electric mixer, beat cream cheese and sugar until smooth.
- Beat in cream and vanilla.
- With mixer on low, beat in eggs one at a time, beating just until mixed in.
- Stir in candy bars and pour batter into the springform pan. Place on a baking sheet and bake for 60 to 70 minutes or until center is almost set. There should still be a little jiggle in the middle when you shake the pan.
- Let cool on counter for 10 minutes and then run a knife around the edges and remove the sides of the pan. Cool 1 hour and then refrigerate overnight.
- To serve, sprinkle remaining crushed butterfinger on top and drizzle with caramel sauce.
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