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!
OREO CHEESECAKE BITES RECIPE
They opened a Cheesecake Factory Restaurant (hooray!) about 20 minutes from my house and last Saturday my husband I decided to go try it out.
We had some friends arrive a couple of minutes before we did to put our names on the waiting list (it was around 5 pm on Saturday night) . . . the wait for a table was over 2 HOURS long!!
I love cheesecake, but I wasn’t sure I could wait TWO HOURS for some.
So, we ate at a delicious Mexican restaurant and I came home and made my own cheesecake.
The thing that I love about this recipe is that it can be cut into little tiny bite-size pieces. For some reason I don’t feel as guilty when I pop about 10 of these little bites into mouth as compared to sitting down and devouring a huge piece of cheesecake (even though I have a feeling they equal out to be about the same amount).
Also, make these for your friends . . . you will instantly become very popular! 🙂
Oreos and cheesecake together? That is my idea of HEAVEN!
INGREDIENTS
- 36 OREO Cookies, divided
- 1/4 cup butter or margarine, divided
- 4 pkg. (8 oz. each) cream cheese, softened (I used Neufchatel cheese)
- 1 cup sugar
- 1 cup sour cream (I used light)
- 1 tsp. vanilla
- 4 eggs
- 1/2 pound (8 oz) chocolate candy coating (or chocolate chips)
INSTRUCTIONS
- Preheat oven to 325°F.
- Line a 13x9" baking pan with foil, with ends extending over sides. Finely crush 24 cookies (I placed them in a Ziploc bag and crushed them with my rolling pin). Melt 1/4 cup butter; mix with crumbs. Press onto bottom of prepared pan.
- Beat softened cream cheese and sugar with mixer until blended. Add sour cream and vanilla; mix well. Add eggs, 1 at a time, beating after each just until blended. Chop remaining 12 Oreo cookies. Gently stir into batter; pour over crust.
- Bake for about 45 minutes or until center is almost set. Let cool (I stuck mine into the fridge for about 2 hours). After the cheesecake has cooled down, microwave chocolate in a microwaveable bowl until melted (follow directions on packaging); stir until smooth. Use foil handles to lift cheesecake from pan and cut into bite-size pieces. Place on baking sheet covered in wax paper. Drizzle melted chocolate over each piece of cheesecake using a spoon. Stick in the fridge until chocolate has hardened.
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