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!
No Bake Mint Chocolate Chip Pie
In case you aren’t a big science nerd like I am, you might not be aware that today is Pi Day, or perhaps you do know, but you just don’t get excited about it like we science nerds do. That’s totally ok, because no matter how you feel about Pi, you get to enjoy this glorious PIE recipe to help celebrate.
Aaaaand St. Patrick’s Day is in 3 days, so this green (no bake) pie is appropriate for celebrating all of the things this week.
This pie may be the easiest pie you ever make. Ever. Seriously. Just to give you an idea of how easy: it completely slipped my mind that Pi Day was today, and my equally nerdy coworkers asked me on Friday if I was planning to bring a pie for them on Monday, and if said pie would be on the blog in time to celebrate.
Creamy, minty filling dotted with mini chocolate chips all on top of a crunchy mint Oreo cookie crust.
Ingredients
- 18 Mint Oreos (regular is fine), crushed (about 2 cups)
- ¼ cup unsalted butter, melted
- 1 cup heavy cream (or heavy whipping cream)
- 8 ounces cream cheese, softened to room temperature
- 1 cup powdered sugar
- 1 teaspoon vanilla extract
- ¾ teaspoon peppermint extract
- 8 drops green food coloring (if desired)
- 1 and ½ cups mini semi-sweet chocolate chips, divided
Instructions
- Place the crushed Oreos in a medium size bowl and drizzle the melted butter evenly over the cookies. Stir to mix completely, then press evenly into the bottom of a 9" springform pan (a regular 8" or 9" pie plate will work just fine as well). Chill in the refrigerator for 30 minutes.
- In a medium size bowl with a hand mixer or the bowl of a stand mixer fitted with the whisk attachment, beat the whipping cream until stiff peaks form (about 3-4 minutes; see this tutorial for step-by-step instructions for homemade whipped cream). Place bowl in the refrigerator (or transfer to smaller bowl if using a stand mixer) until ready to use.
- In a large bowl with a hand mixer or the same bowl of the stand mixer (no need to clean) now fitted with the paddle attachment, beat the cream cheese on medium-high speed until smooth. Reduce mixer speed to low and add the sugar, increase the mixer speed to medium-high, and beat again until smooth. Add the vanilla and peppermint extracts and the green food coloring (if using) and continue beating until smooth. Scrape down the sides as necessary.
- Turn off the mixer and fold in the cold whipped cream with a large spatula until green swirls disappear. Pour in 1 cup of the mini chocolate chips and mix again with the spatula until evenly dispersed.
- Pour the filling onto the prepared crust and spread evenly with the spatula (I prefer to use this small offset spatula). Sprinkle with remaining ½ cup of mini chocolate chips. Cover with foil or plastic wrap and chill in the refrigerator at least 4 hours (for best results, overnight) before serving. Store leftovers covered tightly in the refrigerator up to 5 days. Pie can be wrapped tightly and frozen up to 2 months. Thaw in refrigerator overnight.
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