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!
COOKIES AND CREAM CUPCAKES
These Cookies and Cream Cupcakes are full of surprises! From the cookie in the bottom to the cream filling, they are over the top delicious!
I realize that I’m a fairly young person who doesn’t have a lot of life experience yet, but I can say with a fair amount of certainty that I have been through more than my share of stressful situations.
But I can assure you that nothing prepares a person for the stress of the morning drop-off/pick-up line at the elementary school.
Mostly because I don’t do well under pressure.
Neither, apparently…does my son.
Because somehow, this sweet boy who manages to be “finished with dinner” before I’ve even sat down at the table, promises that he washed his “ENTIRE body” after a two minute shower, and has his room “clean” in ten seconds needs NINETY EIGHT YEARS to open the door and get out of the car.
Ingredients
Cupcakes:
- 1 box Duncan Hines White Cake Mix
- 1 stick of butter, melted
- 1 cup water
- 3 eggs
- 24 whole Oreos
Filling:
Frosting:
- 1 stick salted butter, slightly softened
- 1/4 cup heavy whipping cream
- 1 tsp vanilla extract
- 7 oz jar marshmallow creme
- 3 cups powdered sugar
Frosting:- 4 sticks salted butter
- 1/4 cup heavy cream
- 2 teaspoons vanilla
- 8 cups powdered sugar
- 15 Oreos, crushed VERY FINELY
- Get Ingredients Powered by Chicory
Instructions
- Preheat oven to 350 and line muffin tins with liners. Place an Oreo in the bottom of each liner.
- In the bowl of a mixer, combine cake mix, eggs, melted butter, and water. Mix on low speed for one minute. Increase speed to high and beat for a minute more. Fill liners 2/3 full and bake for about 20 minutes or until tops of cupcakes spring back when lightly touched.
- While cupcakes cool, make your filling.
- Prepare filling: In the bowl of your mixer, beat butter, vanilla and whipping cream on medium low speed. Add marshmallow cream and beat on medium until smooth. Slowly beat in powdered sugar until just barely mixed. Increase speed to high and beat for one minute, until fluffy. Frost cake and serve.
- Once cupcakes are cooled completely, fill the cupcakes. You can do this by cutting a small hole in the top of the cupcake and spooning the filling in, or putting the filling in a pastry bag with a bismarck tip and piping it in through the top of the cupcake.
- In the bowl of a mixer, beat butter, cream, and vanilla on medium-low until smooth and well-combined. Slowly add powdered sugar. Once powdered sugar is barely mixed in, increase speed to medium-high and beat for 2 minutes. Fold in crushed Oreos.
- Generously frost or pipe frosting on cupcakes and top with a mini Oreo if desired.
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