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!
BROWN SUGAR TOFFEE SHORTBREAD
I love to bake all kinds of cookies, but I often turn to shortbread when I want something quick, easy, and crowd-pleasing. These Brown Sugar Toffee Shortbread certainly check all of those boxes. They feature simple flavors in a simple recipe. And they’re always such a hit!
The starting point of these cookies is a fairly basic shortbread made with plenty of brown sugar. To that, toffee bits and a hint of cinnamon provide a wonderful flavor. These should really come with a warning because they’re so addictive!
With as much baking as I do, I have the basics on hand almost all of the time. If you bake even somewhat frequently, then you’re likely to have everything you need to make these cookies whenever you want to whip up a batch. I love the toffee bits in them to amplify all of that brown sugar, but you can easily substitute something else (like chopped nuts or chocolate) if needed.
Brown Sugar Toffee Shortbread pack a lot of flavor in a small package. A great simple recipe that’s sure to please!
INGREDIENTS:
- 3/4 cup unsalted butter, softened
- 1/2 cup firmly packed light brown sugar
- 1 teaspoon vanilla extract
- 1 & 3/4 cups all-purpose flour
- 1/2 teaspoon ground cinnamon
- 1/2 teaspoon salt
- 1/2 cup toffee bits
DIRECTIONS:
- Using an electric mixer on medium speed, beat the butter, brown sugar, and vanilla until light and fluffy.
- Reduce mixer speed to low. Add the flour, cinnamon, and salt, and mix just until combined. Mix in the toffee bits. The dough will be crumbly but should hold together when pinched.
- Gather the dough into a thin disc. Cover in plastic wrap and refrigerate for 30 minutes.
- Preheat oven to 350°F. Line baking sheets with parchment paper or silicone liners.
- Place the dough on a lightly floured surface. Roll out the dough to 1/4-inch thickness.
- Use a 2-inch round cookie cutter (or any cutter of your choice) to cut out the cookies. Gather and re-roll the dough once and continue cutting out the cookies.
- Place the cookies on the prepared pan, leaving about 2 inches between cookies. Bake 12 to 15 minutes, or until the cookies are browned.
- Cool on the pans for 5 minutes. Then transfer the cookies to a wire rack to cool completely.
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