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 Strawberry Jello Lasagna
No Bake Strawberry Jello Lasagna is quick and easy dessert recipe for refreshing summer sweet treat and use only few ingredients: fresh strawberries, whipped cream, strawberry Jello, cream cheese, Golden Oreo, white chocolate and strawberry Greek yogurt. Delicious layered dessert is a twist on classic Strawberry Jello Pie. If you need more ideas what to make with fresh strawberries, check these easy Strawberry Shortcake Cake and Strawberry Sheet Cake recipe,too.
No Bake Strawberry Jello Lasagna is quick and easy dessert recipe for refreshing summer sweet treat and use only few ingredients.
Ingredients
For Oreo Crust:
- 36 Golden Oreo cookies
- ½ cup unsalted butter-melted
- Strawberry Cheesecake Layer:
- ½ cup unsalted butter-softened
- 1 cup powdered sugar
- 8 oz. cream cheese-softened
- 1 ¼ cup whipped cream
- 1 1/3 cup diced fresh strawberries (about 5.5 oz.)
For Strawberry Jello Layer:
- 3 oz. strawberry flavored gelatin (like Jello)
- ½ cup boiling water
- 1 cup strawberry Greek yogurt
- 4 cups whipped cream
Topping:
- 2-3 cups whipped cream
- 4-5 oz. white chocolate bar to make the curls
Instructions
- To make the crust ground whole Oreo cookies with the filling in a food processor to make fine crumbs. In a bowl stir together ½ cup melted butter with Oreo crumbs until evenly moistened, then press the mixture in the bottom of 9 x 13 inch dish, set in the freezer to firm while making cheesecake layer.
- In a bowl cream together ½ cup softened butter, 8 oz. softened cream cheese and 1 cup powdered sugar until smooth and creamy. Add 1 ¼ cup whipped cream and mix to combine. Using a rubber spatula, gently fold in diced strawberries and spread the mixture over chilled crust. Place in the fridge.
- In a large bowl place strawberry Jello, add ½ cup boiling water and stir to dissolve completely. Whisk in 1 cup strawberry Greek yogurt until combine. Add 4 cups whipped cream and mix until combine evenly. Pour the mixture over cream cheese layer and smooth the top.
- Refrigerate for 2-3 hours until set.
- Spread 2 cups whipped cream on top.
- To make the curls, carefully draw a vegetable peeler across the broad surface of a bar of white chocolate at room temperature. Sprinkle curls on top. Refrigerate for 2 more hours before serving, or overnight.
- Store in the fridge.
Notes
For whipped cream you can use thawed whipped topping like Cool Whip (you’ll need about 22 oz.). For homemade whipped cream, beat 3 ½ cups chilled heavy whipping cream with 2 teaspoon vanilla until soft peaks form. Add powdered sugar to taste and continue mixing on high speed until STIFF PEAKS form.
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