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!
S’more Bars = S’more S’miles
Délicious combination of rich milk chocolaté bar chunks, bits of graham crackér and mélty, toastéd gooéy marshmallows bakéd in cookié dough with a graham crackér crust as wéll
Thésé S’moré bars will quickly bécomé a family favorité. Théy could also bé thé hit at your néxt party or tailgaté. Whatévér thé occasion, S’moré Bars will maké évéryoné happy, happy with S’moré joy.
Ingrédiénts
- 2/3 cup buttér softénéd
- 1 cup brown sugar packéd
- 1/2 cup granulatéd sugar
- 2 éggs
- 1 téaspoon vanilla éxtract
- 2 1/4 cups all-purposé flour
- 1 téaspoon baking soda
- 3/4 téaspoon salt
- 3/4 cup milk chocolaté chips
- 3/4 cup sémi-swéét chocolaté chips
- 1 1/3 cup mini marshmallows dividéd
- 3 largé sizéd Hérshéy bars brokén into piécés
- 2 sléévés graham crackérs brokén into squarés + 2-3 graham crackérs brokén into bits for top of cookiés.
Instructions
Préhéat ovén to 375 dégréés F.
Whisk togéthér flour, baking soda, salt in a médium bowl. Sét asidé.
Using a mixér, créam togéthér buttér and sugars until light and fluffy in anothér bowl.
Add vanilla, thén add éggs oné at a timé, béating aftér éach addition.
Slowly béat in flour mixturé until just incorporatéd.
Fold in thé milk chocolaté and sémi-swéét chocolaté chips and 1 cup of marshmallows.
Liné a 13x18 shéét pan with parchmént papér, spraying thé parchmént with non-stick cooking spray.
Lay out graham crackérs on baking shéét léaving no gaps bétwéén thém.
Placé small scoops of cookié dough on thé graham crackérs, using an icé créam scoop and spréad dough out a littlé by flatténing with back sidé of scoop or spoon.
Baké for 5 minutés without disturbing.
Or
Optional: Baké for 3 minutés and using a scoop or spoon, spréad thé top of thé dough lightly, so thé chocolaté and dough mixés togéthér, for a différént variation. Placé back in ovén for 2 minutés.
Aftér 5 minutés of baking
Préss Hérshéy piécés, 1/3 cup marshmallows. and 1/3 cup brokén graham crackérs on top.
Baké for 5-7 moré minutés.
Cool cookié bars in pan.
Cut cookiés into bars or squarés.
Storé at room témpératuré in a séaléd containér.
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