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 Summer Berry Delight
The minute I see that first case of berries arrive in the grocery store, my mind immediate switches into summer mode – imagining all I can do with those sweet little babies.
I just love berries… from my Strawberry Cheesecake Salad, Summer Berry Cheesecake Salad, Blueberry Croissant Bake, and Strawberry Shortcake Cupcakes, to No Bake Strawberry Icebox Cake. So, based on the success of my Oreo Delight and Summer Berry Icebox Cake, here’s a Strawberry and Blueberry version that I just know you’ll love!
The crunchy and festive golden oreo crust, combined with the blueberry cheesecake layer, creamy and tender strawberry pudding layer and delicious fresh strawberries and blueberries on top, makes this red, white and blue summer berry delight ideal for BBQ’s, potlucks and family get-togethers…
Ingredients
- 1 pkg of golden Oreos
- 6 tbsp butter, melted
- 8 oz cream cheese, softened
- 1 cup confectioners/powdered sugar
- 1 cup blueberries, fresh or frozen(thawed)
- 1 (16 ounce) container Cool-Whip, thawed, divided
- 2 (3.4 oz.) instant strawberry pudding mix
- 3 cups cold milk
- Fresh Strawberries (sliced) and Blueberries for decorate
- 2 oz white chocolate chips
Instructions
- Crush the whole package of cookies either with a food processor, or take out your frustrations and do with a rolling pin.
- In a small bowl mix oreo crumbs with melted butter.
- Press Oreo crumbs/butter mixture into bottom of 9X13 pan to form a crust.
- Make strawberry pudding according to package directions and let it setup in the fridge.
- Using electric mixer, mix softened cream cheese, and confectioners sugar in a large bowl. Stir in 2 cups of cool whip, and gently mix in blueberries.
- Spread the blueberry cream cheese mixture on top of the oreo crust.
- Let it chill in the freezer to firm up.
- Spread the pudding over the previous layer, then your remaining cool whip on top.
- Melt white chocolate chips in a bowl as directed on package.
- Arrange sliced strawberries and blueberries, and drizzle white chocolate over dessert.
- Refrigerate for at least 4 hours or overnight.
- * Can’t find strawberry pudding? Just purchase two boxes of instant vanilla pudding and add 2 teaspoons of strawberry extract when preparing the pudding with the milk.
- If you use frozen blueberries, be sure to rinse and drain them well with paper towel!!!
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