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!
BAKE ALONG – PEANUT BUTTER COOKIES
I picked up this magazine on a whim while waiting in line at the supermarket last week. I love foodgawker, but I’m a total sucker for glossy paged magazines filled with recipes. It wasn’t until I got home that I got the idea of a bake along. I love blogging and I love baking so I figured I’d combine the two. No, I promise I am not becoming a full fledged food blogger. I’ve been working on some sewing projects like a mad woman this past week (along with getting through Jenin’s party) which is why I’ve been missing in action. But I’m glad that some of you have shown some interest in this, so let’s do this. I will post at least one recipe a week. I may or may not go through all 100.
Now you all should know that I have a love-hate relationship with peanut butter. Sometimes I gag at the scent of the stuff, other times there’s nothing I want more than a ooey gooey peanut butter and jelly sandwich with a tall glass of cold milk. Yum. Guess which mood I’m in now?
The taste of the peanut butter in these was light enough that I would actually make these again. My girls loved these while Rami told me to never make them again. Guess where he falls on the love-hate scale of peanut butter?
INGREDIENTS:
- 1/2 cup butter, softened
- 1/2 cup peanut butter
- 1/2 cup granulated sugar
- 1/2 cup brown sugar or 1/4 cup honey (I used sugar)
- 1/2 teaspoon baking soda
- 1/2 teaspoon baking powder
- 1 egg
- 1/2 teaspoon vanilla
- 1 1/4 cups all-purpose flour
- Granulated sugar (for rolling cookies in)
INTRUCTIONS :
- Preheat oven to 375 degrees. In a large bowl combine butter and peanut butter. Beat with an electric mixer on medium to high speed for 30 seconds. Add the 1/2 cup granulated sugar, brown sugar, baking soda, and baking powder. Beat until combined, scraping side of bowl occasionally. Beat in egg and vanilla until combined. Beat in as much of the flour as you can with the mixer. I was able to add it all without any problems. Using a wooden spoon, stir in any remaining flour. If necessary, cover and chill about 1 hour or until dough is easy to handle. I chilled mine and it was still soft and sticky but not to the point that I couldn’t work with it.
- Place additional granulated sugar in a small bowl. Shape dough into 1-inch balls. Roll balls in sugar to coat. Place balls 2 inches apart on an ungreased cookie sheet. Using the tines of a fork, flatten balls by making crisscross marks on top. I dipped my fork in water each time to prevent the dough from sticking.
- Bake in a preheated oven for 7 to 9 minutes or until the bottoms are lightly browned. Transfer to a wire rack to cool. Makes about 36 cookies.
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