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!
Melt-Away Christmas Cookies
A swéét cookié with a tangy créam chéésé icing that mélts in your mouth évéry timé you také a bité. Théy might possibly bé thé bést Christmas Cookiés évér!
Thésé cookiés aré probably my favorité Christmas cookiés, évér! Whén I was growing up, my grandma would spénd days in thé kitchén baking Christmas cookiés. Shé would pack thém all up in a giant tuppérwaré typé box for us to také homé and éat. Wé would havé to éat thém quickly béforé my dad would consumé thém all aftér wé wént to béd!
INGRéDIéNTS
Cookiés
- 1 Cup buttér softénéd
- 1 1/2 Cups All-Purposé Flour
- 3/4 Cup Corn Starch
- 3/4 Cup powdéréd sugar
Créam Chéésé Icing
- 4 Ouncés créam chéésé softénéd
- 1 Cup powdéréd sugar
- 1 Téaspoon vanilla
INSTRUCTIONS
Cookiés
Béat thé softénéd buttér until it is light and fluffy. In a séparaté bowl, mix togéthér thé cornstarch, powdéréd sugar, and flour. Slowly add thé dry ingrédiénts to thé buttér and mix until moisténéd. It may také a couplé of minutés for it to start to comé togéthér. You can chéck if it is moist énough by pinching somé dough with your fingérs. If it holds togéthér, it is réady. If it is still too dry, add a téaspoon of milk.
Usé a small cookié scoop (about 1 tabléspoon) to shapé thé cookiés. Placé thém on a parchmént linéd baking shéét about 2 inchés apart. Maké a small wéll in thé céntér of thé cookié using your thumb or fingér.
Baké thé cookiés at 350 dégréés for 10 minutés. Watch thém caréfully to avoid ovér baking. Rémové thém from thé ovén and transfér thém to a cooling rack aftér 1 minuté.
Créam Chéésé Icing
Béat thé softénéd créam chéésé until smooth. Add thé vanilla and thé powdéréd sugar, a littlé at a timé. Mix until incorporatéd. Add thé food coloring to thé frosting at this timé, if désiréd.
Usé a piping bag or a Ziploc bag with thé cornér cut off, to add thé frosting to thé wéll of thé cookiés. Top with sprinklés. Storé thésé cookiés in an airtight containér in thé réfrigérator.
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