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!
CROISSANT BREAD PUDDING WITH TOFFEE SAUCE
I’ve been way, way thinner than I am now and while I did enjoy the compliments I did not enjoy many, many things about trying to stay thinner. When I was at my thinnest (4/6) I was constantly thinking about what I was going to eat. What people were thinking when I eat (because at that point my friends were concerned and they should have been even though I assured them I was fine and told myself they were just jealous). For a while I started off with good intentions of going to do things the healthy way the more and more I lost the less and less I ate because I never seemed to lose as much as I wanted that week.
If I knew I was going to eat out with friends then I would exercise for hours, not eat a thing or maybe cucumbers, that way I could eat more “normal” in front of others. That was if I went out with friends, mostly they would get blown off because I was afraid to eat something “bad” or wanted to be at the gym instead trying to burn just a little bit more. If they bugged me about not doing things with them I would tell myself that they were just jealous. I would tell my ex-husband that I already ate when he questioned why I wasn’t eating dinner (even though I had not eaten). I thought constantly about what I was going to eat and how much exercise I could do on the least amount of food in my body so as to get in a decent workout. I lived in constant panic that if I gained anything back people would think less of me, especially since I was a WW leader. When I would indulge I would tell myself I was weak and call myself all sorts of horrible names in my head.
INGREDIENTS
For the Bread Pudding:
- 6 large croissants or 10 small ones, slightly stale
- 3 cups heavy whipping cream
- 6 egg yolks
- ¾ cup granulated sugar
- 1 tsp. nutmeg
- Pecan Toffee Sauce:
- ¾ cup brown sugar, tightly packed
- ⅓ cup unsalted butter
- ⅓ cup heavy whipping cream
- 1 TBSP Amaretto
- ½ cup chopped pecans, toasted
INSTRUCTIONS
- For the bread pudding:
- Tear croissants into pieces and place into a baking dish that has been sprayed with baking spray or lightly coated in butter.
- Mix the egg yolks, sugar and nutmeg together in a bowl.
- Then whisk in the heavy cream and beat until fully incorporated.
- Pour the custard over the bread.
- Press down the bread pieces until the bread is soaked with the custard. You will most likely have extra custard depending on how stale your croissants are.
- Don’t feel like you have to use all the custard.
- Place pan into another pan that will hold a water bath.
- Bake the bread pudding for 45 minutes at 350F until golden on top.
- Cool for 10 minutes and serve warm.
- For the sauce:
- Stir brown sugar and butter in a heavy medium saucepan over medium heat until melted and smooth, about 2 minutes.
- Add cream and Amaretto and bring to a simmer.
- Simmer for about 5 minutes and then add pecans.
- Serve on top of bread pudding.
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