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!
CHRISTMAS LIGHTS COOKIES
Brace yourselves. I am NOT a cute cookie decorator. However, I pushed through and made these Christmas Lights Cookies to impress my kid.
I saw a fuzzy photo of some cupcakes on Pinterest where they turned mini M&Ms sideways to look like Christmas lights on a string. I thought that was so cute and clever, but also: so easy, yet impressive. Big emphasis on the EASY.
If I haven’t mentioned to you before, my Camille is very into M&Ms (she pronounces it yem-a-nems), and I know it’s because of the bright colors. I bought a bag of mini M&Ms for this, and set to work making a small batch of cut-out sugar cookies and a small batch of royal icing.
Ingredients
- 3/4 cup flour, plus extra for rolling
- 1/2 teaspoon baking powder
- pinch of salt
- 1/4 cup unsalted butter, softened
- 1/4 cup sugar
- 1 egg yolk
- 1/2 teaspoon vanilla
- 1/4 teaspoon almond extract
- For the small-batch royal icing:
- 1 1/2 cups powdered sugar
- 2 teaspoons fresh lemon juice
- 1 large egg white
- For decorating:
- 1 small tube of black icing for writing
- handful mini M&Ms
Instructions
- In a small bowl, whisk together the flour, baking powder and salt.
- In a medium bowl, beat together with an electric mixer the butter and sugar. Once light and fluffy, add the egg yolk and vanilla and almond extracts.
- Once well incorporated, sprinkle over half the flour mixture and beat gently until combined, then sprinkle over the rest. Beat until no streaks of flour remain, but be careful not to over-mix.
- Dust a clean counter top with flour, and dump the dough out onto it. Gather it into a ball and press it into a 1/2" thick round disk. Flour your rolling pin, then roll out the dough out big enough to cut out about 8 shapes. Place the shapes on a baking sheet lined with parchment paper or a silicone mat. Gather the dough scraps and re-roll to cut out 4 more shapes and place them on the cookie sheet. You should get 12 cookies.
- Place the cookie sheet in the freezer for the minutes while you preheat the oven to 350.
- Once the oven is hot, bake the cookies for 10-12 minutes, until the edges of the cookies just start to turn brown. Let them sit on the sheet a few minutes before moving them a wire rack to cool completely.
- Once the cookies are cooled completely, make the royal icing: in a small bowl, combine the powdered sugar and lemon juice.
- Beat the egg white in a small bowl to loosen them, and then measure out 2 tablespoons of egg whites and add them to the bowl with the sugar.
- Whisk together the icing, starting slowly, and trust that the sugar will melt and it will become liquid. Resist the urge to add any more liquid to the bowl, and instead just keep whisk slowly.
- When the icing comes together, spoon a small amount onto each cookie, and use an off-set spatula to spread it almost to the edges.
- Let the royal icing harden completely on the cookies before proceeding.
- Pipe two thin black lines onto each cookie, and then press mini M&Ms sideways (see photos for reference).
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