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!
SMORES CUPCAKES
If you’ve been keeping up with Smores Week this week, then you’ve already seen my Smores Cheesecake and Smores Ice Cream Bars and you know that smores are all the rage this week! A bunch of us bloggers have gotten together to bring copious amounts of smores-inspired treats. To see what everyone else brought today, check out the bottom of the post. I’m sad to see Smores Week end, but I’m pretty pumped to end it with these cupcakes.
INGREDIENTS:
CRUST
- 1 1/4 cup (168g) graham cracker crumbs
- 5 tbsp (70g) butter, melted
- 5 tbsp (65g) sugar
CHOCOLATE CUPCAKES
- 1 cup (130g) all purpose flour
- 1 cup (207g) sugar
- 6 tbsp (43g) Hershey’s Special Dark Cocoa powder
- 1 tsp baking soda
- 1/2 tsp salt
- 1 egg
- 1/2 cup (120ml) buttermilk
- 1/2 cup (120ml) vegetable oil
- 3/4 tsp vanilla
- 1/2 cup (120ml) boiling water
MERINGUE MARSHMALLOW FROSTING
- 4 eggs whites
- 1 cup (207g) sugar
- 1/2 tsp cream of tarter
- 1 tsp vanilla extract
- Chocolate sauce (I used this one)
- Graham cracker crumbs
DIRECTIONS:
- Heat oven to 325 degrees and prepare a cupcake pan with liners.
- In a small bowl, combine crust ingredients and mix well.
- Press about 1 1/2 tbsp of the mixture into the bottom of each cupcake liner.
- Bake crusts for 7 minutes then remove and set aside.
- To make the cupcakes, add all dry ingredients to a large bowl and whisk together.
- Add egg, buttermilk and vegetable oil to the dry ingredients and mix well.
- Add vanilla to boiling water and add to mixture. Mix well.
- Pour batter into cupcake pan, filling a little more than half way, and bake at 300 degrees for about 17-19 minutes.
- When done, remove cupcakes from oven and allow to cool for about 5 minutes. Then remove from cupcake tin and allow to cool.
- While cupcakes cool, make the meringue frosting. Combine egg whites, sugar, and cream of tartar in a metal, heatproof mixer bowl.
- Place over a saucepan with simmering water (or use a double boiler).
- Whisk constantly until sugar is dissolved and whites are warm, to between 120 and 140 degrees on a thermometer, about 4-6 minutes. Remove from heat.
- Using the whisk attachment, beat on low speed, gradually increasing to high, until stiff, glossy peaks form, 5 to 7 minutes.
- Pipe frosting onto cupcakes (I used Ateco tip 808) and top with chocolate sauce and graham cracker crumbs, if desired.
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