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 Churn Raspberry Crisp Ice Cream
Those of you who have read previous blog posts will know that I have a little bit of a thing for jam; and when I say “a little thing” I mean, I will pretty much eat it on anything and I have no issue eating it straight from the jar. Like, “hi my name is Kristie and I am a jam addict…”
Seriously though. I love jam. I love alllll the jam. Every flavour; sweet or savoury – hit me up with a spoonful of that fruity goodness.
So a couple weeks ago, when the incredible Natalie from East Van Jam offered to send me a couple jars of her Raspberry and Blueberry Jam to try – it was literally like all of my jam dreams were coming true.
INGREDIENTS :
- Brown Sugar Crisp
- 1/3 cup all purpose flour
- 1/3 cup rolled oats
- 1/4 cup brown sugar
- 1/2 tsp cinnamon
- 3 tbsp butter, cold
- No Churn Ice Cream
- 1 14 oz can sweetened condensed milk
- 1/2 tbsp vanilla extract
- 1 tbsp lemon juice
- 1/4 tsp salt
- 4 oz cream cheese, softened
- 2 1/2 cups heavy whipping cream
- Raspberry Jam, about 2/3 cup, (I used East Van Jam)
How to make…
- Brown Sugar Crisp
- Preheat oven to 350F degrees and line a small baking sheet with parchment paper.
- In a medium bowl, whisk together flour, oats, brown sugar and cinnamon. Add cold butter and work the butter into the dry ingredients with a pasty cutter until the butter is incorporated and you are left with a crumbly mixture. Spread onto prepared baking sheet and place in the oven to bake for about 10-15 minutes or until golden. Remove from oven and and allow to cool completely. Set aside until ready to use assemble ice cream.
- No Churn Ice Cream
- In a small bowl, whisk together condensed milk, vanilla and salt. Set aside.
- In a large bowl, beat the cream cheese with an electric mixer fitted with the whip attachment on high until smooth and creamy and there are no lumps. Turn the mixer to low and slowly add the whipping cream in a steady stream. Once all the cream in incorporated, turn the mixer to high and whip until stiff peaks form; about 3-4 minutes.
- Add half of the whipped cream cheese mixture to the condensed milk mixture and whisk to combine. Add the condensed milk mixture to your bowl of whipped cream and use a spatula to fold the whipped cream into the condensed milk until smooth and no streaks of whipped cream remain.
- Pour 1/2 of the mixture into a 9 or 10 inch cake pan (alternatively you could use a loaf pan). Set the pan and the remaining ice cream mixture in your freezer for 15 minutes to set slightly. Once set remove and begin assembling your ice cream.
- Dollop about 1/3 of a cup of your raspberry jam over the ice cream in the pan. Use a spoon to spread it evenly over the top. Sprinkle with 1/2 of your crumble mixture. Dollop the rest of your ice cream mixture on top and use a spoon to smooth. Dollop the remaining jam across the top of the ice cream and use a knife or the back of your spoon to create the pretty swirls. Sprinkle with remaining crisp mixture.
- Cover with plastic wrap and set in the freezer for 5-6 hours before serving.
- Enjoy!
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