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 Chocolate Cheesecake with Oreo Crust
Bursting with chocolate flavor and smooth as silk, this Triple Chocolate Cheesecake with Oreo Crust is reach and decadent, triple chocolate treat. It’s chocolate loves dream: chocolate cookie crust, smooth and creamy chocolate cheesecake filling, silky chocolate ganache topping, plus extra chocolate curls on top!!!
Triple Chocolate Cheesecake with Oreo Crust is reach and decadent, triple chocolate treat.
Ingredients
- For the Crust:
- 24 Oreo cookies-finely crushed
- 1/4 cup unsalted butter-melted
- For Cheesecake Filling:
- 2 lbs. cream cheese- room temperature
- 1 ½ cups powdered sugar
- 3 Tablespoon cocoa powder
- 4 eggs- room temperature
- 10 ounces bittersweet chocolate-chopped
- For Chocolate Topping:
- 3/4 cup heavy cream
- 6 oz. bittersweet chocolate-finely chopped
- 1 Tablespoon granulated sugar
Instructions
- To make the crust:
- Preheat oven to 350 degrees F, grease a 9-inch springform pan and set aside.
- Finely crush the cookies in a food processor, add melted butter and blend until it’s all moistened.
- Press crumb mixture onto the bottom of the prepared pan and bake for 6 minutes. Remove from the oven and set on a wire rack to cool while making the filling.
- To make the filling:
- Melt 10 ounces bittersweet chocolate and set aside to cool.
- Mix cream cheese and sugar until smooth, mix in cocoa powder
- Add the eggs one at a time, mixing on low speed and do not overbeat it.
- Add melted chocolate and mix on low speed to combine.
- Pour the filling over the crust and smooth the top.
- Bake the cheesecake until the center is set and the top looks dry (about 1 hour to 1 hour 10 minutes).
- Cool on a wire rack for 5 minutes, then run a thin knife around the sides of the pan and set the cake in the refrigerator (uncovered), for at least 8 hours, or better overnight.
- To make the topping:
- In a medium saucepan stir together cream, chocolate and sugar on low heat until the chocolate is completely melted and the mixture is smooth.
- Cool and pour over the cheesecake.
- When the topping is set and cooled again run a thin knife around the sides and remove the springform pan sides.
- This cheesecake can be prepared up to 2-3 days in advance just store covered in the refrigerator.
- Garnish with chocolate curls (optional).
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