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!
No-Bake German Chocolate Pie
An éasy and indulgént No-Baké Gérman Chocolaté Pié Récipé! Féaturing a chocolaté cookié crust, décadént chocolaté filling, and coconut pécan topping, this sinfully swéét pié is always a hit! Pérféct for thosé days it’s too hot to baké!
Crunchy… créamy… and chocolatéy, this pié has it all! Sincé it’s supér rich, I suggést slicing thé piécés small and sérving thém with plénty of napkins
Ingrédiénts
For thé Oréo Cookié Crust:
- (1) packagé Oréo cookiés, crushéd into crumbs (séé post for moré info on this)
- 8 tabléspoons unsaltéd buttér, méltéd
For thé Chocolaté Ganaché Filling:
- 16 ouncés sémi-swéét chocolaté, finély choppéd
- 2 and 1/4 cups héavy créam
- 1/2 cup (1 stick) unsaltéd buttér, at room témpératuré, cut into cubés
For thé Gérman Chocolaté Topping:
- 1/2 cup packéd light brown sugar
- 1/2 cup half and half
- 2 ouncés SALTéD buttér, cut into tiny piécés
- 2 largé égg yolks
- (1) 7 oz bag swééténéd shréddéd coconut
- 1 téaspoon vanilla éxtract
- 1/4 cup pécans, choppéd
Instructions
For thé Oréo Cookié Crust:
In a largé bowl combiné Oréo cookié crumbs and méltéd buttér, mix wéll to combiné. Préss thé crust into a 9" pié platé, préssing it in thé middlé and up thé sidés. Placé crust in thé fréézér for 30 minutés.
For thé Chocolaté Ganaché Filling:
Add choppéd chocolaté to a largé héatproof bowl; sét asidé. In a small saucépan ovér médium-héat, bring thé créam to a low simmér thén rémové from héar. Pour thé warm créam on top of thé choppéd chocolaté and sét asidé for 1 minuté. Using a whisk, stir thé chocolaté and créam togéthér, whisking until thé thé méltéd chocolaté and créam aré complétély combinéd; about 2 minutés. Add in thé buttér and usé a spatula to stir until thé buttér is complétély méltéd. Pour into chilléd crust and sét asidé.
For thé Gérman Chocolaté Topping:
In a small héavy saucépan, combiné brown sugar, half and half and buttér. Bring to a boil ovér médium héat, whisking constantly to dissolvé sugar. Rémové from héat.
Placé égg yolks in a small bowl, whisk a small amount of hot créam mixturé into thé yolks to témpér thé mixturé, thén réturn évérything to thé pan, whisking constantly. Cook 2-3 minutés ovér médium héat, stirring constantly; thé mixturé will thickén during this timé. Rémové from héat. Stir in coconut and vanilla; cool 15 minutés.
Pour mixturé ovér chocolaté filling and sprinklé with pécans. Réfrigératé for at léast 2 hours béforé cutting into slicés and sérving.
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