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!
THE BEST CHEWY GLUTEN-FREE CHOCOLATE CHIP COOKIES
By popular request, I’m finally sharing my tried and true recipe for the best chewy gluten-free chocolate chip cookies!
INGREDIENTS
- 2 1/4 cups (~282 grams) good all-purpose gluten-free flour blend
- 1/2 tsp. xanthan gum omit if gluten-free flour blend has xanthan or guar gum already)
- 1 tsp. baking soda
- 1 tsp. salt
- 2 ounces cream cheese, room temp
- 3/4 cups (12 Tbsp.) unsalted butter, melted
- 1 cup packed brown sugar
- 1/2 cup sugar
- 1 1/2 tsp. vanilla extract
- 2 egg yolks (room temp)
- 2 cups semi-sweet chocolate chips
DIRECTIONS- In a medium bowl, whisk together gluten-free flour, xanthan (unless flour blend already has xanthan or guar gum), baking soda and salt. Set aside.
- In the bowl of your stand mixer, place the cream cheese, then pour melted butter over it. Add brown sugar and sugar and mix on medium speed for 2 minutes. (I use the paddle attachment on my mixer.)
- Add vanilla extract and egg yolks (one at a time) mixing on low-medium speed until well mixed.
- Add the flour mixture that you set aside earlier, beating on low until just combined.
- Add the chocolate chips and mix on low or by hand, just until mixed thoroughly.
- Cover the mixing bowl with plastic wrap and refrigerate a minimum of 4 hours and up to 4 days.
- When you are ready to bake, remove from refrigerator and let sit for about 15 minutes to soften enough for easier scooping.
- Preheat oven to 375°.
- Line cookie sheets with sheets of parchment paper or silicone liners. Do not spray!
- Use a#20 cookie scoop to scoop even mounds of cookie dough spaced several inches apart. I can get 12 per cookie sheet.
- Bake the cookies for 11-12 minutes at 375°. Remove when edges are set and just browning. The centers will look undercooked, but will continue cooking as they cool. To ensure you don't over bake, I suggest you bake a few test cookies so you can determine the right baking time for your oven. If you like gooey centers, cook less, if you like crunchier cookies, cook longer.
- Let the cookies sit on the cookie sheet for just 2-3 minutes before removing to a cooling rack to finish cooling.
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