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!
SOFT NUTELLA CHOCOLATE CHIP COOKIES
I am a woman of many contradictions. I am a woman after all. 😉 The most relevant this morning being my love/hate relationship with hazelnuts. I hate hazelnuts. I refuse to eat them. Roasted, salted, raw, whatever. Nasty.
These Nutella Chocolate Chip Cookies are subtly chocolaty with a hint of hazelnut. Perfectly soft and chewy with bittersweet chocolate scattered throughout.
Ingredients
- ½ cup unsalted butter, softened
- heaping 1/3 cup Nutella, stir before scooping
- ½ cup light brown sugar, packed
- ¼ cup granulated sugar
- 1 large egg
- 2 teaspoons vanilla extract
- 1 ¾ cups all-purpose flour
- 2 teaspoon cornstarch
- 1 teaspoon baking soda
- pinch salt
- 1 cup bittersweet chocolate chips (I use Ghirardelli, in case you’re new around here
Instructions
- Whisk together flour, cornstarch, baking soda an salt together in a medium bowl and set aside.
- Beat together butter, nutella, sugars, egg, and vanilla on medium-high speed in the bowl of a stand mixer fitted with the paddle attachment until well combined, about 4 minutes. Scrape down the bowl with a spatula once during this time.
- Reduce the mixer speed to low and slowly add the flour mixture until well combined, scraping down the sides of the bowl several time.
- Stir in the bittersweet chocolate chips until well distributed.
- Roll the dough into balls 1 inch in diameter and place on a parchment lined cookie sheet, plate or tray. Cover well with plastic wrap and refrigerate at least 2 hours or overnight.
- Preheat oven to 350° Place dough 1 inch apart on a parchment line baking sheet. Bake 9-11 minutes or until the edges are set and the tops have just started to brown. Don’t over bake or they will be crispy and the bottoms will burn…I know…I ruined some in the name experimentation.
- Let cool 5 minutes on the cookie sheet before removing to a wire rack to cool completely or not…I know I didn’t wait but I have a patience problem.
Notes:
Recipe from Averie Cooks
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