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!
PEANUT BUTTER FUDGE BROWNIE TRIFLE
I have one very distinct memory of the end of summer.
We were at a neighbors house – specifically in their pool – which was awesome because we didn’t have a pool and I’d jump at any chance to swim. Lots of people were there, lots of kids, my brothers, neighborhood friends, tons of food and a particular plate of chocolate chip cookies that I was doing a number on.
But then it started to get dark. And sort of late. So I got out of the pool. Ran home. Got a shower. And I got in bed. My parents didn’t tell me to. My brothers didn’t follow. And all this time… it was still actually light out. I was such a high-strung, type-A nutjob that even in middle school, I had to run home and ease myself into my 9PM bedtime because I was a massive dork. Ugh! You’re killin’ me smalls.
I actually remember lying in my bed with the lights out that night, the tiniest bit of sunlight peeking through the window… and tons of shrills and screams from the kids who were still outside having a blast soaking up every last summery drop, and who consequently had to be dragged home by their parents, kicking and screaming because they were… normal.
INGREDIENTS:
- 1 batch of your favorite brownies, boxed or from scratch, cooled and cut into cubes
- 1 large box (5-ounce) of instant chocolate pudding, prepared and chilled (this will most likely call for 3 cups of milk, nothing else)
- 1 bag of peanut butter cups, chopped (I used Dove chocolate peanut butter Promises)
- 2 cups heavy cream
- 3-4 tablespoons granulated sugar, depending on your desired level of sweetness
- 1 cup of creamy peanut butter
- 1 cup of powdered sugar
- 2 tablespoons milk
- 8 ounces of whipped cream cheese, at room temperature
DIRECTIONS:
- In the bowl of an electric mixer (or using a hand mixer), beat heavy cream and sugar on medium-high speed until stiff peaks form. Transfer the whipped cream to an separate bowl and stick in the fridge until ready to use. I did not even clean the bowl of my electric mixer and just began mixing the peanut butter mixture.
- Add the peanut butter and cream cheese to the bowl and beat at medium speed, scraping down the sides a few times until mixture is creamy. Add in powdered sugar and mix until combined, then mix in 2 tablespoons of milk. Remove the whipped cream from the fridge and add 1 cup of it to the peanut butter, folding it in until the mixture turns lighter in color and is mostly combined.
- Grab your trifle dish and begin to layer your ingredients however you’d like. I did a layer of brownies, then peanut butter, then a handful of chopped peanut butter cups, chocolate pudding, whipped cream, and so on. I repeated it until I got to the top, then piped the remaining whipped cream on top and sprinkled the candy on. You really can’t go wrong with layering – just use a long spoon to serve!
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