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!
MINI CHERRY CHEESECAKE COOKIE CUPS
I don’t know about you, but I think foods are just so much more fun when they are served miniature sized. These mini Cherry Cheesecake Cookie Cups are no exception! The flavors of cherry cheesecake, but served in a sugar cookie cup. It really is soo yummy!
Unlike many of my favorite cheesecake recipes, these mini cheesecake cups are perfect for serving to a crowd. They are easy for guests to grab and eat, and no one can resist them!
What’s great is you can make the cookie crusts ahead of time and freeze them until you need them. You can even fill them a day ahead, cover, and chill them. Just note that you’ll need to add the pie filling right before serving though, or they can get soggy.
This delicious recipe is seriously a crowd favorite and will be perfect for all your summer get togethers. Here is what you’ll need to make this Cheesecake recipe…
Mini Cherry Cheesecake Cookie Cups - All the flavor of cherry cheesecake, served in mini sugar cookie cups! They're super easy to make and are perfect for serving a crowd!!
INGREDIENTS
Dough:
- 6 Tbsp butter, softened
- ½ cup sugar
- 1 egg
- ¼ tsp almond extract
- ½ tsp vanilla
- 1¼ cups flour
- ½ tsp baking powder
- ¼ tsp salt
Filling:- ⅓ cup whipping cream
- 3 oz cream cheese, softened
- ½ cup powdered sugar
- ½ tsp vanilla
- ¼ tsp almond extract (optional)
- Cherry pie filling (I used about half of a 21 oz. can)
INSTRUCTIONS
- Cream butter and sugar in a mixing bowl till creamy. Add egg, almond extract, and vanilla. Beat well.
- Whisk together flour, baking powder, and salt. Add to creamed mixture and stir till well combined.
- Roll into 1" balls and place in well greased mini muffin pans. Make an indentation in the dough with your thumb or the back of a teaspoon.
- Bake at 350° for about 10 minutes, or till lightly browned on the edges. Use a spoon to press the dough down in the middle, forming a cup. Remove to cooling racks and cool completely.
- For filling:
- Beat whipping cream till stiff peaks form. Set aside.
- Beat cream cheese till smooth. Beat in powdered sugar, vanilla, and almond extract. Add whipped cream, and beat till well combined.
- Fill cups with filling. I piped it in, but you can just spoon it in if you prefer.
- Top with cherry pie filling. Serve immediately.
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