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!
Melt-In-Your-Mouth Eggnog Cookies
I think it’s safe to say these are my new favorite holiday cookie! These deliciously soft and completely divine cookies do just as their titled, they melt away in your mouth! With their delicate texture and generous coating of eggnog frosting they are likely to become a cookie you’re not going to forget about. They really do taste just like eggnog in cookie form, so basically they are the best Christmas cookie ever.
With their delicate texture and generous coating of eggnog frosting they are likely to become a cookie you're not going to forget about.
Ingredients
- 2 1/4 cups all-purpose flour
- 2 tsp baking powder
- 1/2 tsp salt
- 1/2 tsp ground nutmeg , plus more for topping
- 1/2 tsp ground cinnamon
- 3/4 cup unsalted butter , at room temperature
- 1/2 cup granulated sugar
- 1/2 cup packed light-brown sugar
- 2 large egg yolks
- 1 tsp vanilla extract
- 1/2 tsp rum extract
- 1/2 cup eggnog
- Frosting
- 1/2 cup butter , at room temperature (I used 1/4 cup salted and 1/4 cup unsalted butter)
- 3 - 5 Tbsp eggnog
- 1/2 tsp rum extract
- 3 cups powdered sugar
Instructions
- Preheat oven to 350°F (180°C). In a mixing bowl, whisk together flour, baking powder, salt, nutmeg and cinnamon for 30 seconds, set aside.
- In the bowl of an electric stand mixer fitted with the paddle attachment, whip together butter, granulated sugar and brown sugar until pale and fluffy.
- Mix in egg yolks one at a time, blending just until combined after each addition. Mix in vanilla extract, rum extract and egg nog. With mixer set on low speed, slowly add in dry ingredients and mix just until combined.
- Scoop dough out by the heaping tablespoonfuls and drop onto Silpat or parchment paper lined baking sheets, spacing cookies 2-inches apart.
- Bake in preheated oven 11 - 13 minutes. Allow to rest on baking sheet several minutes before transferring to a wire rack to cool. Cool completely then frost with Eggnog Frosting and sprinkle tops lightly with nutmeg.
- For the Eggnog Frosting:
- In the bowl of an electric stand mixer fitted with the paddle attachment, whip butter until very pale and fluffy. Add in rum extract and 3 Tbsp eggnog and mix in powdered sugar. Add additional eggnog to reach desired consistency.
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