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!
Lemon Cheesecake Bars
Lemon Cheesecake Bars: layers of cookie crust, lemon cheesecake and lemon cookie bars! One of the most delicious desserts ever, you won’t be able to stop eating these!
If any of you follow my blog for new updates, you may have noticed last week I dropped to only two new recipes. I meant to share these Lemon Cheesecake Bars on Thursday…but I was curled up in a ball crying in the corner.
You see. As excited as I am that my son has plans for his post high school life…it also terrifies me. I have mentioned before that he is heading off to Marine boot camp this summer. Well, we found out his date has moved up and it’s 3 weeks away.
I just want to hold and protect him forever. But you see, that’s the switch that happened. I’ve spent the past 18 years loving him, helping him learn and grow into the man he is today. 18 years of protecting him.
Now, he is the one who is leaving the nest to protect ME. And you. I’m so extremely proud and humbled by this thought. So bear with me the next few weeks as I am sure to be a mess of emotions!
INGREDIENTS:- FOR THE CRUST:
- 2 cup Nilla Wafers, crumbs (about 60 cookies)
- 1/4 cup granulated sugar
- 1/2 cup unsalted butter, melted
- FOR THE CHEESECAKE FILLING:
- 2 packages (8oz each) cream cheese, softened
- 3/4 cup granulated sugar
- 2 large eggs
- 1 tsp lemon extract
- 1 lemon, zested
- FOR THE COOKIE LAYER:
- 3/4 cup unsalted butter, softened
- 1 1/2 cup granulated sugar
- 1 large egg
- 3/4 tsp vanilla extract
- 1 1/2 tsp baking powder
- 1/4 tsp kosher salt
- 2 cup all-purpose flour
- 1 lemon, zested
- 11oz white chocolate morsels (I use Ghirardelli)
-
DIRECTIONS:
- Line a 13x9 baking dish with parchment paper. Set aside. Preheat oven to 350 degrees.
- In a food processor, pulse Nilla Wafer cookies with sugar until fine crumbs. Add in melted butter and pulse until combined.
- Press crumbs into the bottom of prepared baking dish. Using the palm of your hand, press crumbs firmly until they are pressed into the bottom of the dish.
- For the filling, beat cream cheese with sugar, eggs, lemon extract and lemon zest using the whisk attachment of your electric mixer. Beat until fluffy and smooth (about 3-4 minutes). Pour over cookie crust.
- For the cookie dough, beat butter and sugar for 2 minutes. Add egg, vanilla and lemon zest and beat until combined. Add in baking powder, salt and flour, beating until fully blended. Fold in white chocolate morsels. Scoop dough by large spoonfuls onto the top of the cheesecake layer. Use your fingertips to spread gently until covered.
- Bake for 30-35 minutes until lightly browned. The center will still be jiggly, that's okay. Allow to cool completely. Refrigerate for 4 hours (or overnight). Slice and serve COLD. Enjoy!
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