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!
CHUBBY HUBBY ICE CREAM PIE
Peanut butter swirls and chocolate covered pretzels add a fun flair to this Chubby Hubby Ice Cream Pie. This easy dessert is the perfect summer dessert!
Ingredients
For the Crust
- 2 1/2 cups salted pretzels (5 ounces)
- 1/2 cup sugar
- 10 Tablespoons butter, melted
For the Ice Cream
- 2 cups heavy whipping cream
- 1/2 cup original malted powder
- 1 - 8 ounce package cream cheese, softened
- 1 - 14 ounce can sweetened condensed milk
- 1/4 cup hot fudge
- 1/4 cup peanut butter
- 1 cup coarsely chopped chocolate covered pretzels + extras
For the Topping
- 3/4 cup heavy cream
- 3 Tablespoons powdered sugar
Instructions
- Crush the pretzels in a food processor. You can also use a plastic bag and a wooden spoon to crush them. Mix together the pretzel crumbs, sugar, and butter. Press into the bottom and sides of a 9 1/2 inch deep dish pie plate. Set aside. (See note below if you don't have a pie plate)
- Beat the malt powder and whipping cream until soft peaks form. Place in the refrigerator for a few minutes.
- Beat the cream cheese until nice and creamy. Slowly add the sweetened condensed milk and beat the mixture until creamy.
- Fold in the whipped cream and chocolate covered pretzel pieces.
- Place the hot fudge and peanut butter into two microwave safe bowls. Heat for 15 seconds. Stir until creamy.
- Spoon half the ice cream mixture into the prepared crust. Drop half of the hot fudge and peanut butter on top of the ice cream. Swirl gently with a knife.
- Spoon the remaining ice cream on top gently until it reaches the top of the crust. You will have a little bit of ice cream leftover, so put it in a separate container and freeze it. Add the remaining hot fudge and peanut butter and swirl. Freeze for 6 hours or overnight.
- Beat the remaining whipping cream and powdered sugar until stiff peaks form. Use a piping bag and icing tip 1M and swirl the whipped cream around the edges of the pie. Top with extra chocolate covered pretzels.
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