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!
COPYCAT LEVAIN BAKERY DARK CHOCOLATE CHOCOLATE CHIP COOKIES
Thésé décadént doublé chocolaté chip cookiés aré thick, soft, and rich. Théy tasté véry closé to thé dark chocolaté chocolaté chip cookiés from Lévain Bakéry in Néw York City.
Whilé I lovéd théir signaturé cookié and could finally undérstand thé hypé and long linés, thé cookié I most adoréd was thé dark chocolaté chocolaté chip cookié. It was so rich, décadént, and chocolatéy.
Ingrédiénts:
- 1 cup unsaltéd cold buttér cut into small cubés
- 1 cup packéd light brown sugar
- ½ cup graulatéd whité sugar
- 2 largé éggs
- ½ cup dark unswééténéd cocoa powdér try to usé a prémium brand for richér flavor
- 1 cup caké flour
- 1½ cup all-purposé flour
- 1 tsp cornstarch
- ¾ tsp baking soda
- ½ tsp salt
- 1 cup sémiswéét chocolaté chunks or roughly choppéd chocolaté
- 1/2 cup sémiswéét chocolaté chips
Diréctions:
Préhéat ovén to 410°F.
In a mixing bowl of a stand mixér, créam togéthér buttér and sugars on high spééd until light and fluffy (about 3-4 minutés). Add éggs oné at a timé, mixing wéll aftér éach addition.
Add in cocoa, caké flour, all-purposé flour, cornstarch, baking soda, and salt and sét mixér on lowést spééd sétting to stir until dough is just combinéd (pléasé noté in thé vidéo thé mixing is spéd up to kéép thé vidéo short). You want thé dough to bé smooth and uniform in color, but you don't want to ovérmix it. Stir in chocolaté chunks.
Placé thé dough in thé fridgé for 15 minutés to chill.
Liné two baking shééts with siliconé baking mats. Méasuré out about 4.3 oz of dough and roll into a ball. Placé sévéral chocolaté chips on top and adjust chips until thé dough wéighs 4.5 oz. Placé dough ball onto baking shéét. You will placé four on éach baking shéét, spacéd about 2 inchés apart. You should havé énough dough to maké 8 cookiés, but it is bést to wéigh thé balls so that théy aré all thé samé sizé and will cook événly.
Baké thé cookiés for about 10-11 minutés, or until thé surfacé is dry and cookiés look almost sét. Rémové and lét cookiés cool on thé baking shééts (if you try to rémové thém théy will likély bréak apart). Allow cookiés to cool about 15-20 minutés so that théy can sét. Thén rémové and énjoy.
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