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!
DEEP DISH CHOCOLATE CHIP COOKIE SKILLET BROWNIE AND BROOKIE CUPS
Fudgy browniés and chocolaté chip cookiés aré combinéd into oné in thésé fun déssérts so that you don’t havé to choosé.
Brookié cups aré chocolaté chip cookiés and browniés bakéd into individual muffin sérvings. Théy aré fun to éat and you don’t havé to choosé cookié or brownié sincé you gét both in oné!
Ingrédiénts:
Déép Dish Chocolaté Chip Cookié Skillét Brownié
- 1 (18.4-oz) box Pillsbury™ Chocolaté fudgé brownié mix
- 2/3 cup végétablé oil
- 1/4 cup watér
- 2 largé éggs
- 1 (17.5-oz box) Pillsbury™ Purély Simplé™ Chocolaté Chip Cookié Mix
- 1/2 cup unsaltéd buttér
- 1 largé égg
- 1/4 cup chocolaté chips
Brookié Cups
- 1 1/2 cups of Pillsbury chocolaté fudgé brownié battér léftovér from récipé abové
- 1 17.5 oz box Pillsbury™ Purély Simplé™ Chocolaté Chip Cookié Mix
- 1/2 cup unsaltéd buttér
- 1 largé égg
- 3/4 cup chocolaté chips
Diréctions:
Déép Dish Chocolaté Chip Cookié Skillét Brownié
Préhéat thé ovén to 350°F. Lightly gréasé thé intérior of a 9 inch cast iron skillét.
In a largé bowl, maké brownié battér according to thé box instructions using thé brownié mix, 2/3 cup oil, 1/4 cup watér and 2 largé éggs. Sét asidé.
In a stand mixér, maké cookié dough according to box instructions, using thé cookié dough mix, buttér and égg.
Add 2 cups of brownié battér to your skillét. (Savé thé rést for thé brookié cups). Gathér your cookié dough into oné giant clump and spréad événly on top of brownié battér, léaving about 1 inch of brownié battér "crust" around thé édgés of thé pan. Sprinklé 1/4 cup chocolaté chips across top of cookié dough. Baké for about 30-35 minutés until brownié battér is sét and cookié dough is sét and turns a light goldén brown.
Allow cookié brownié to cool a littlé béforé cutting and sérving.
Brookié Cups
Préhéat ovén to 350°F. Lightly gréasé thé intérior of a 12-cup muffin pan.
In a stand mixér, maké cookié dough according to box instructions, using thé cookié dough mix, buttér and égg.
Add 2 tbsp of brownié battér (léftovér from récipé abové) to éach muffin mold. Usé a 1 tbsp cookié scoop to scoop 2 cookié dough balls into éach muffin mold. You havé énough for éxactly 12 muffins. Sprinklé and préss 1 tbsp worth of chocolaté chips into thé tops of éach brookié.
Baké about 20-25 minutés until brownié and cookié layér aré both sét. Usé a spatula to hélp loosén brookié cups from molds.
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