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!
CINNAMON ROLL COOKIES
Slightly crisp on the outside and soft and chewy on the inside, these cookies taste just like cinnamon rolls in cookie form!
Cinnamon rolls in cookie form? Yes, please! These cookies are the best of both worlds! I don’t think there’s anything in the world that I love more than cinnamon rolls for breakfast. They have the taste of a cinnamon roll with a chewy cookie crumb. They’re absolutely perfect in every way. Plus, they are a billion times easier than cinnamon rolls since they don’t need to rise!
Ingredients:Vanilla Cookie Dough- 1/2 cup powdered sugar
- 3/4 cup unsalted butter
- 1/2 tsp salt
- 2 tsp vanilla extract
- 1 1/2 cups all-purpose flour
Filling- 1 egg white
- 1 tbs water
- 1/4 cup granulated sugar
- 2 tsp cinnamon
Icing- 1/2 cup powdered sugar
- 2 tbs heavy cream
- 1/2 tsp vanilla extract
Instructions:
- Beat butter, sugar, salt and vanilla until light and fluffy, about 3 minutes. Add the flour and mix until just combined. Take dough out, pat into a large ball and flatten into a disk. Wrap disk in plastic wrap and refrigerate for 30-45 minutes or until well chilled.
- Whisk the egg white and water together in a small bowl until foamy, set aside. In another small bowl, whisk sugar and cinnamon together and also set aside. On a thoroughly floured surface, roll the dough out into a 9x12" rectangle. Brush the egg white all over dough and sprinkle cinnamon sugar mixture on top evenly. Roll the dough into a long log very carefully and tight. Seal the edge with some if the egg white. For ease, cut log in half and wrap both halves separately in plastic wrap. Freeze until firm, about 20 minutes.
- Preheat oven to 350 degrees. Line baking sheet with parchment paper, set aside. Remove one half if dough from freezer. Using a sharp knife, slice dough into 1/2" slices and place on prepared baking sheet. Bake for 12-14 minutes or until very lightly golden in top. Allow them to cool on baking sheets for 3 minutes before transferring to a wire rack to finish cooling. Repeat this process with the second log if dough.
- While cookies are cooling, prepare icing by whisking powdered sugar, cream and vanilla until smooth. Once cookies are completely cool, drizzle the icing on with a spoon.
- Cookies will stay fresh for up to 2 days stored in an airtight container.
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