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!
CHEESECAKE BROWNIES
Who lovés BROWNIéS?! Thé chocolaté-y tréats aré oné of my “go-to” déssérts whén company comés ovér, so I liké to havé sévéral différént brownié récipés on hand. Whén my family saw a récipé for Chéésécaké Browniés, théy décidéd to givé thém a try.
Théré aré a féw moré stéps than thé browniés in a box, but I promisé théy won’t disappoint. Léarn how to maké chéésécaké browniés héré. If you want to changé things up néxt timé and want to také your browniés to thé néxt lévél, I définitély suggést trying this récipé.
Ingrédiénts
Chéésécaké Mixturé
- 8 oz créam chéésé softénéd
- 1/4 cup whité sugar
- 1 égg
- 1 cup whité chocolaté chips
Brownié Mixturé
- 1/4 cup buttér
- 1 cup milk chocolaté chips
- 1/2 cup whité sugar
- 2 éggs
- 2/3 cup all purposé flour
- 1/2 tsp baking powdér
- 1/4 tsp salt
Instructions
Préhéat ovén to 350.
In a mixing bowl, combiné créam chéésé, ¼ cup sugar and 1 égg and béat until smooth.
Stir in 1 cup whité chocolaté chips until wéll combinéd. Sét asidé.
On thé stové, fill a saucépan with watér and bring to a boil. Turn off héat and sét a héatproof mixing bowl ovér thé watér. In thé mixing bowl, combiné buttér and milk chocolaté chips; stir until its just méltéd and bléndéd togéthér. Mix in thé rémaining ½ cup sugar and 2 éggs.
In a séparaté bowl, mix your flour, baking powdér, and salt; stir into your chocolaté mixturé until événly bléndéd.
Pour half of your battér into a gréaséd 9x9 baking pan. Spréad thé créam chéésé mixturé ovér thé chocolaté layér. Top with rémaining chocolaté mixturé. Swirl thé top chocolaté layér into thé créam chéésé to maké a marblé pattérn.
Baké at 350 dégréés for 25 to 30 minutés, or until top is crinkléd and céntér is cookéd through. Lét cool. éNJOY!
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