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!
THIN MINT CHEESECAKE BROWNIE CAKE
This post was sponsored by the J.M. Smucker Company. I am partnering with them as a brand ambassador creating recipes from products they send me.
It is officially cookie season. Yes, I realize that we just technically left cookie season behind. I’m not talking about holiday cookies though. It’s that time of year when those cute little girls come up to you with those big eyes and ask you to spend all your hard earned cash on tiny little boxes of cookies. You know what I’m talking about, right?
Ingredients
- 1 Pillsbury Thin Mints® Brownie Mix
- 1 - 8 ounce cream cheese, softened
- 1/2 cup powdered sugar
- 3/4 teaspoon mint extract
- 1/2 teaspoon vanilla extract
- 1 - 8 ounce container Cool Whip, thawed & divided
- green gel food coloring
- 21 thin mint cookies
- 1/2 cup chocolate chips
- 1/4 cup heavy whipping cream
- green sprinkles
Instructions
- Preheat the oven to 350 degrees. Line an 8-inch springform pan with parchment paper. Spray the sides with nonstick baking spray.
- Make the brownie mix according to the package directions. Spread in the bottom of the prepared pan. Bake for 30-32 minutes. Remove from the oven and let cool completely.
- Unlatch the pan and run a knife around the edges. Flip the brownie over and pull the parchment paper off. Place the brownie back on the bottom of the springform pan and latch the sides on again.
- Beat the cream cheese and sugar until creamy. Add the mint and vanilla extract and beat again.
- Fold in 2 cups of Cool Whip gently. Add green gel color and mix in until you get your desired green color.
- Chop up 15 of the thin mint cookies and gently stir them into the cheesecake mixture. Spread the cheesecake on top of the cooled brownie. Refrigerate for at least one hour before removing the sides of the springform pan.
- Place the chocolate chips and heavy whipping cream in a microwave safe bowl. Heat for 30 seconds. Stir until melted and creamy. Let cool for a few minutes before spreading it evenly on top of the cheesecake.
- Cut the remaining cookies in half and place them evenly around the top of the cheesecake edge.
- Use a piping bag and icing tip #18 to pipe the remaining Cool Whip in between the cookies. Top with sprinkles.
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