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!
Chocolate Lasagna – A Chocolate Lover’s Treat
Ummm okayyy. Chocolate lasagna? Seriously, people. What will the Italians think of next? Fine, it’s not Italian. But doesn’t it make you want to eat this while skipping through one of Tuscany’s fields of sunflowers? The Under the Tuscan Sun soundtrack playing while your hair flies behind you in slow motion. Okay, just me then?
But for reals now. Lately, I’ve been thinking a lot about my eating habits and know I need to make some drastic changes. I’ve never been really disciplined when it comes to healthy eating.
INGREDIENTS
- 36 Oreo cookies (regular, not double stuffed)
- 6 tablespoons butter, melted
- 8 oz cream cheese, softened
- 1/4 cup granulated sugar
- 3 1/4 cups cold milk, plus 2 tablespoons, divided
- 12 oz tub Cool Whip, divided
- 2 – 3.9 oz packages chocolate instant pudding mix
- 1/2 cup mini chocolate chips
INSTRUCTIONS
- In a large food processor, crush Oreo cookies into fine crumbs. Make sure there are no large chunks left.
- In a medium bowl, mix melted butter into cookie crumbs using a fork. When the butter is thoroughly mixed in, transfer it to a 9 x 13 inch baking dish. Using a spatula, press the crumbs down into the bottom of the baking dish as evenly as possible. Put baking dish in refrigerator while you work on the next step.
- In a medium bowl, mix the cream cheese with an electric beater until fluffy. Add the 2 tablespoons of cold milk and sugar and mix well. With large spoon or spatula, mix in 1 1/4 cups of the Cool Whip until combined. Spread cream cheese mixture over cookie crust. Return baking dish to refrigerator and let chill for 10 minutes.
- In a large bowl, mix together chocolate instant pudding and 3 1/4 cups cold milk with electric beater or whisk until the pudding starts to thicken. Spread the pudding over the cream cheese layer. Return baking dish to refrigerator and let chill for 10 more minutes.
- Have a seat on your couch and dream of how delicious this heavenly dessert is going to be. Start to drool.
- Spread remaining Cool Whip over the pudding layer and sprinkle mini chocolate chips over the top. (Feel free to use more than 1/2 cup of the chocolate chips if you want more!)
- Chill in fridge for 4 hours or freezer for 1 hour.
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