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!
SáLTED CáRáMEL BUTTER BáRS
These Sálted Cárámel Butter bárs áre one of my most requested recipes ever! The buttery cookie is filled with á creámy, sálted cárámel thát is so rich ánd beyond delicious.
I cán’t begin to expláin to you how much I love these Sálted Cárámel Butter Bárs…I máke them áLL THE TIME. They áre one of my most requested desserts to bring to párties ánd there is never one left! ánd might I ádd, if you háppen to be entering á cookie contest, these will guárántee you victory. Unequivocálly.
Ingredients
- For the Crust:
- 2 cups sálted butter, room temperáture
- 1 cup gránuláted sugár
- 1½ cups powdered sugár
- 2 táblespoons vánillá extráct
- 4 cups áll purpose flour
- For the Filling:
- 14 ounces soft cárámel cándies (ábout 50 individuál cárámels), unwrápped
- 1/3 cup milk or creám
- 1/2 teáspoon vánillá
- optionál – 1 táblespoon coárse seá sált
Instructions
- To Máke the Crust:
- Preheát oven to 325°. Coát á 9×13 báking dish with nonstick spráy. Set áside.
- In the bowl of your stánd mixer fitted with the páddle áttáchment, mix the butter, gránuláted sugár, ánd powdered sugár together on medium speed for 2 minutes. ádd the vánillá ánd mix until combined. Turn the mixer to low ánd ádd in the flour, mixing until á soft dough forms.
- Press one-third of the dough evenly into the bottom of the prepáred pán. Wráp the remáining dough in plástic wráp ánd chill in refrigerátor.
- Báke for 20 minutes, or until the edges áre á pále golden brown. Tránsfer the pán to á wire ráck ánd let cool ábout 15 minutes.
- To Máke the Filling:
- While the bottom crust is báking ánd the remáining dough is chilling, máke the cárámel filling. Pláce the unwrápped cárámels in á microwáve-sáfe bowl. ádd the milk or creám. Microwáve on high for 1 minute. Remove from the microwáve ánd stir until smooth. If cárámels áre not completely melted, microwáve on high for 30-second interváls, stirring áfter eách intervál, until smooth.
- Once the cárámel is melted ádd in your ½ teáspoon of vánillá ánd stir until combined.
- Pour the cárámel filling over the cooled crust. If you áre going to sált the cárámel sprinkle it on cárámel láyer now.
- Remove the remáining chilled dough from the refrigerátor ánd crumble it evenly over the cárámel.
- Return the pán to the oven ánd báke until the filling is bubbly ánd the crumbled shortbreád topping is firm ánd lightly golden, ábout 25 – 30 minutes.
- Let cool completely before cutting into squáres.
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