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 Cream Pie Truffles
Today is reallyyyyy exciting in the world of #lynnsfavs. Not only does this installment of my favorite things include LEMON, which is probably one of the most fabulous foods/flavors that can ever go into anything EVER, but it also includes a recipe from my dear friend Sally‘s new cookbook that is set to release on September 29th!
Lucky for you, I’m giving away a signed copy for free! See bottom of the post for details.
Smooth and creamy truffles full of lemon flavor and rolled in bright and sunny sprinkles. Easy to follow instructions will make you feel like a candy-making expert!
Ingredients
- 14 ounces white chocolate, coarsely chopped
- 1 Tablespoon unsalted butter, softened to room temperature
- ¾ cup heavy cream
- 1 teaspoon lemon extract
- ¾ cup sprinkles
Instructions
- Place white chocolate in a large heatproof bowl. Place the butter on top. Do not mix. Set aside.
- Pour heavy cream into a small saucepan and heat over medium heat, whisking occasionally, until it just begins to boil. Remove from heat and whisk in the lemon extract. Pour hot mixture over the white chocolate and gently stir with a wooden spoon* in one direction. Do not stir forcefully. Once mixture is completely smooth, cover with plastic wrap pressed to the surface of the mixture. Allow to sit at room temperature for 1 hour, then transfer to the refrigerator for at least 6 hours (I chilled mine overnight). After chilling, the ganache mixture will be smooth and soft, but still manageable by hand.
- When you are ready to roll your truffles, line 2 large baking sheets with parchment paper or silicone baking mats. Pour sprinkles into a bowl and set aside.
- Measure 1 teaspoon of ganache (I used a melon baller), roll between your hands into a ball**, then roll in the sprinkles. Place on the baking sheet. Continue this process until you have used all of the ganache. Serve immediately or cover tightly and chill in the refrigerator until ready to serve. We enjoyed ours in the freezer.
Notes
*It is crucial to use a wooden spoon as metal or plastic will retain heat and distribute it unevenly.
**I found it easiest to wipe my hands clean after making each truffle. This may sound tedious, but it helps keep things smooth and clean.
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