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 BANANA PUDDING
This is the BEST Banana Pudding you will ever have! It’s creamy, rich and almost like mousse. It’s a classic recipe that my Grandma used to make, and I know you’re going to love it!
I have held out on you…and I feel awful about it. This Banana Pudding recipe has been sitting in my Grandmother’s recipe index card holder for years. I don’t know why I haven’t ever shared it here with you. Well, maybe I do… You see, I don’t really love bananas. They’re just not my favorite. So banana pudding is never really front and center in the dessert vortex of my brain.
Ingredients
- 1 (8 ounce) block cream cheese, room temperature
- 1 (14 ounce) can sweetened condensed milk
- 1 (5 ounce) package instant vanilla pudding
- 2 1/2 cups cold milk
- 2 teaspoons vanilla
- 1 (8 ounce) container Cool Whip, or 8 ounces heavy cream, whipped
- 4 bananas, sliced
- 10 ounces shortbread cookies
Instructions
- In the bowl of your stand mixer fitted with the whisk attachment mix the cream cheese and sweetened condensed milk together until smooth, scraping the sides of the bowl as necessary, about 2-3 minutes on medium speed.
- Add in the dry pudding mix, milk and vanilla. Begin mixing on low for 30 seconds, slowly turning up the speed until you’re on high speed. Mix this for 4-5 minutes until thickened and smooth, again scraping the sides of the bowl as necessary.
- Fold 4 ounces (half) of the Cool Whip (or whipped cream) into the pudding until combined.
- Line the bottom of a 9×13 dish with as many shortbread cookies as you can fit. Evenly place the banana slices on top of the cookies. Spread the pudding on top of the bananas. Spread the remaining Cool Whip (or whipped cream) on top of the pudding.
- Crumble any remaining cookies on top of the Cool Whip and/or place more cookies around the edge of the pan for decoration.
- Cover with Cling Wrap and chill at least 3-4 hours.
Notes
- You could use a small package of instant vanilla pudding and a small package of banana pudding in place of just the vanilla for a more banana flavored pudding.
- You can serve this in any dish you prefer, like a trifle dish, individual dishes etc.
- Store airtight for up to 3 days
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