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!
Mile High Perfect Biscuits
I have spent a long, long, lonnnnnnnnnnnng time searching for and perfecting this biscuit recipe.And I am happy to report that it was well worth the wait and the effort!! My quest began in college. I moved to Utah from North Carolina to go to school, and I quickly discovered one staple food that Utah does not have: fluffy, buttery, golden biscuits. I tried a few recipes here and there without much luck, and eventually resigned myself to the frozen dough variety. Fast forward about 4 years: it’s 2010, I’m pregnant, and all I can think about is grape jelly.
Grape jelly and North Carolina buttery biscuits. So the search begins again. But more frantic this time, because… well, I’m pregnant and having cravings. Duh. I made a new biscuit recipe (or two) every single Sunday morning from the middle of my first trimester until the end of my second trimester, when I finally pulled together this biscuit recipe. And even then, the biscuit-making didn’t stop! I ate biscuit after glorious, buttery biscuit until baby arrived. It was a good time. So here we are, over 4 years later and back in North Carolina, and I’m still sticking to this recipe. And through the many batches, I’ve picked up a few easy tips that I think are worth sharing. Biscuits are really so incredibly easy to make if you have an idea of what you’re doing and what to expect.
Ingredients
- 3 cups all-purpose flour
- 1 1/2 tsp salt
- 1 tbsp sugar
- 1 tbsp baking powder
- 3/4 c. buttermilk (the cheat version is okay)
- 1 egg, beaten
- 1/4 cup shortening
- 1/4 cup cold water, divided*
- 1 stick cold or frozen butter, cubed
Instructions
- Preheat oven to 425ºF. Line a baking sheet with parchment paper or a non-stick baking mat.
- In a large bowl, mix together the flour, salt, sugar, and baking powder.
- Create a well in the middle of the bowl. Add the buttermilk, egg, shortening, and 2 tbsp of the cold water into the well. Use a wooden spoon to start mixing and "cutting" to form a dough. Take care to not over-mix.
- Add the cubes of butter, and use your hands to knead the butter into the dough (no more than 7-8 times). Some of the butter will incorporate to help moisten the dough, but mostly you want the butter to REMAIN in small chunks throughout the dough. This will make the biscuits fluffy.
- Turn dough out onto a non-stick surface (use cooking spray if you need to, but try to avoid using flour which will dry the biscuits out). Press into a 1 1/2 inch layer, making it as level as you can.
- Use a round cutter to cut biscuits out. Place each one on the prepared cookie sheet, edges touching each other.
- Sprinkle salt over top of the dough.
- Bake for 12-15 minutes, until outer edges start turning golden brown.
- Serve warm! Or store at room temperature in a sealed container for up to 2 days. However: best fresh!
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