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!
Cadbury Creme Egg Dessert Lasagna
I first made our Cookies & Cream White Chocolate Lasagna last year, and I’ve been hoping for an excuse to make it again! I think Easter is the perfect occasion for a decadent no-bake chocolate dessert, so I tweaked my original recipe in homage to one of our favorite holiday candies.
This Cadbury Creme Egg Chocolate Lasagna is perfect to prepare ahead of time, or while the oven is busy cooking your Easter supper.
It’s also a really easy layered dessert for the kids to help prepare, as there is nothing really technical or complicated about it. It’s four simple layers of easy, luscious deliciousness!
Of course, if cream eggs aren’t your thing, substitute your own favorite Easter Candy – Mini Eggs, mini Chocolate Rabbits – even jelly beans!
This is a light but satisfying dessert perfect after a heavy Easter meal. (And if you’re still planning your Easter menu, be sure to check out my Caramelized Honey Ham recipe or my Crockpot Root Beer Ham recipe.)
Every bite of this over-the-top Cadbury Creme Egg Dessert Lush tastes just like the classic Easter candy! Bonus: no baking required!
Ingredients
- 36 Oreo cookies
- 6 Tablespoons butter melted
- 8 ounces cream cheese softened
- 1/4 cup granulated sugar
- 12 ounces Cool Whip divided
- 1 package chocolate Instant Pudding 3.9 ounce package
- 3 1/4 cups cold milk + 2 Tablespoons
- 1 cup mini Cadbury Creme Eggs or 4-5 regular Cadbury Creme Eggs
- Yellow food coloring
- Chocolate syrup optional for drizzling
Instructions
- Crush 36 Oreo cookies into fine crumbs, using a food processor if you have one. (You can also place them in a large ziplock bag and crush them with a rolling pin.)
- Transfer 2/3 of the Oreo crumbs to a large bowl to blend with the melted butter and cookie crumbs.
- Once you have a wet mixture, press the cookie crust into a lined 9x9" casserole dish. Set in the refrigerator as you prepare the yellow cream cheese layer.
- Mix the cream cheese with a mixer until light and fluffy. Add in 2 Tablespoons of milk, and sugar, and mix well. Stir in 1 and 1/4 cups Cool Whip and yellow food dye if using.
- Spread the cream cheese mixture over the cookie crumb layer and return to the fridge.
- Prepare the chocolate pudding by combining the milk and instant pudding powder. Whisk for 4 minutes until the pudding starts to thicken.
- Pour the chocolate pudding over the cream cheese layer and then spread the remaining Cool Whip overtop.
- Cut up a few of your Cream Eggs and scatter them overtop - along with chocolate sprinkles and whatever else you'd like.
- Refrigerate for at least 2-4 hours, then drizzle with chocolate syrup immediately before serving.
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