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!
TRIPLE DARK CHOCOLATE TRUFFLE BROWNIES
These are hands down, my favorite recipe on my site! Deep dark chocolate brownies with a delicious Oreo truffle layer, topped with a soft layer of chocolate. If you want a crowd pleasing recipe, these are for you!
Ingredients:
Brownie Layer
- 10 tablespoons unsalted butter
- 1 1/4 cups sugar
- 1/4 cup +3 tbs (regular) cocoa powder
- 1/4 cup + 3 tbs dark cocoa powder
- 1/4 teaspoon salt
- 1 teaspoon pure vanilla extract
- 2 eggs
- 1/2 cup all-purpose flour
Truffle Layer
- 4 oz cream cheese, cubed at room temperature
- 1 whole package Oreos (30 cookies)
- Chocolate Coating
- 1 1/2 cup semi-sweet chocolate chips
- 3 tsp shortening
Instructions:
- Preheat oven to 325°. Line a 9x9 baking pan with parchment paper, set aside.
- Place butter, both cocoa powders and sugar in a large microwave-safe bowl and microwave for about 1 minute and 30 seconds, or until butter is melted. Mix everything together until smooth. Stir in eggs and vanilla until combined. Pour in the flour and mix until everything is completely combined. The batter will be very thick and glossy.
- Pour the batter into your prepared baking pan and smooth it out until level. Bake for 22-25 minutes or until a toothpick comes out slightly moist with a little bit of batter left on it - the top will not look so "wet" anymore when they are done. This is what makes them fudgy. Let them cool completely in the pan.
- While the brownies are cooling, prepare the truffle layer. In a large food processor, add Oreo cookies and pulse into a fine crumb. Dump in cream cheese and pulse until a "dough" like consistency forms and you can't see the cream cheese anymore - it will form a large ball when it's ready. Once brownies are completely cool, take chunks of the truffle mixture and pack it onto the brownie in an even layer.
- In a small bowl, melt the chocolate chips and shortening at 30 second increments in the microwave until completely smooth and pourable. Pour the chocolate on top of the truffle layer and spread it out with a rubber spatula into a smooth and even layer. Place tray back into the refrigerator for 20 minutes to allow the top to set up properly. Take the pan out, allow the brownies to come back to room temperature for at least 10 minutes for smoother cutting lines.
- Triple Dark Chocolate Truffle Brownies will stay fresh for up to 5 days stored in an airtight container.
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