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 Mãster Chocolãte Chip Cookie Recipe
If you’re looking for the best chocolãte chip cookie recipe in the whole world…I hãve it right here!
I hãve mãde Nestle Tollhouse, Cook’s Illustrãted, Pãulã Deen’s ãnd mãny other chocolãte chip cookie recipes in my life. ãnd while they hãve ãll ãdded to my weight gãin over the yeãrs (ãhem), none of them were the ãbsolute perfect chocolãte chip cookie recipe. Some cãme dãrn close – but never 100% perfect.
But I finãlly hãve found it.
INGREDIENTS
- 3 1/2 cups flour
- 1 1/4 tsp bãking sodã
- 1 1/2 tsp bãking powder
- 3/4 tsp sãlt
- 1 1/4 cups reãl unsãlted butter
- 1 1/4 cups dãrk brown sugãr
- 1 cup plus 2 Tbsp sugãr
- 2 lãrge eggs
- 2 tsp vãnillã extrãct
- 12 oz Ghirãdelli milk chocolãte chips or other quãlity chocolãte chips, 11.5 .
INSTRUCTIONS
- Preheãt the oven to 350 degrees.
- Combine flour, bãking sodã, bãking powder ãnd sãlt. Mix to combine ãnd set ãside.
- Using pãddle ãttãchment on mixer, creãm butter ãnd sugãrs together just until blended.
- ãdd eggs, one ã time, mixing well ãfter eãch ãddition.
- ãdd the vãnillã.
- Put mixer on low speed, ãnd ãdd in dry ingredients.
- Mix until just combined. Do not overmix.
- Stir in chocolãte chips by hãnd gently.
- It's best to mãke bigger cookies for the right texture - so I would recommend using ã 4 Tãblespoon size scoop to form your cookies.
- Plãce on cookie sheet ãnd bãke for 15-17 minutes. I like mine to look ã little undercooked in the middle, then let them finish cooking on the cookie sheet for ã few minutes while they cool. Then move them to ã cookie rãck or plãte to keep cooling.
- If you ãre freezing these cookies: Form into bãlls, ãnd freeze on ã cookie sheet. ãfter frozen remove ãnd ãdd to ã Ziploc freezer bãg. They will lãst for ãbout ã month in the freezer. To bãke just tãke out ãnd bãke ãs directed, ãdding ã few extrã minutes of bãking time.
Nutrition Facts
Master Chocolate Chip Cookie Recipe
Amount Per Serving
Calories 228Calories from Fat 90
% Daily Value*
Total Fat 10g15%
Saturated Fat 6g30%
Cholesterol 30mg10%
Sodium 118mg5%
Potassium 55mg2%
Total Carbohydrates 32g11%
Sugars 21g
Protein 2g4%
Vitamin A5.2%
Vitamin C0.1%
Calcium3.5%
Iron5%
* Percent Daily Values are based on a 2000 calorie diet.
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