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!
SICILIAN RICOTTA CHEESE CAKE
This past weekend we celebrated my brother’s birthday at a delightful, surprise summer celebration at a private wooded area in Napa Valley. My contribution to the spread was this Sicilian Ricotta Cake. If you are a cheesecake fan, I think you will especially appreciate this Italian version.
It was nice to celebrate Ross, who holds a very special place in my heart as my loving, older brother. As the eldest of the four siblings, he has sort of morphed into the patriarch of the family despite only being a couple years older than me and my other two brothers. Like many oldest siblings, he naturally carries that authoritative, leader kind of character which makes him a perfect and protective big brother. It is also what contributes to him being one of the best pastors and teachers I’ve ever met. Ross also goes by Pastor Ross as senior pastor of Calvary The Rock in Santa Rosa California. His sermons can be accessed online if you ever feel like a refreshing and relevant (for today) look at the bible.
Ingredients
- 32 ounces ricotta cheese, drained
- 1 orange (for 2 teaspoons orange zest/grated rind)
- ⅓ cup flour
- 1 cup sugar
- 6 eggs
- 1 teaspoon vanilla extract
- 18 graham crackers (2 packets from a 14 ounce box)
- 1 stick (or 4 ounces) butter
- 2 tablespoons powdered sugar (for dusting)
Instructions
- Heat oven to 350 degrees F.
- Generously grease a 10-inch springform pan with butter.
- For graham cracker crust, crush graham crackers in food processor until consistency of bread crumbs; stir with melted butter until mixture holds shape when squeezed. If needed, add a little more melted butter.
- Firmly press graham cracker “crust” into bottom and along bottom sides of spring form pan; set aside.
- Sift together flour and sugar in small mixing bowl.
- In medium bowl, stir together ricotta cheese and orange zest. Slowly fold in flour mixture with spatula until well blended and smooth.
- Add eggs, one at a time, continuing to blend with spatula. Stir in vanilla extract.
- Pour batter into spring form pan and gently smooth top with spatula.
- Bake for 55-60 minutes at 350 until cake is firm all the way to top center. Cool completely and refrigerate for 2-3 hours to set.
- Dust top of cake with powdered sugar.
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