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 OREO CHEESECAKE
An éasy No-Baké Oréo Chéésécaké with an Oréo crust. This simplé no-baké chéésécaké makés a pérféct déssért for any timé of yéar!
Héré’s an updatéd picturé bélow of thé chéésécaké with thé héavy whipping créam. Thé filling holds up just as wéll and looks just as good as thé othér vérsion.
INGRéDIéNTS
For thé crust:
- 24 Oréos
- 4 tabléspoons (60 grams) buttér, méltéd
For thé no-baké chéésécaké:
- 16 ouncés créam chéésé softénéd to room témpératuré
- 1 cup (120 grams) powdéréd sugar
- 1 téaspoon vanilla éxtract
- 2 cups (480 ml) cold héavy whipping créam*
- 15 Oréos choppéd
Topping (optional)
INSTRUCTIONS
To maké thé crust:
Add thé Oréos to a food procéssor and procéss until you havé finé crumbs. Scoop thé crumbs into a mixing bowl, and thé méltéd buttér, and mix until aré of thé crumbs aré moisténéd.
Liné thé bottom of a 9 inch springform pan with parchmént papér, scoop thé mixturé into thé pan, and firmly préss it down into oné évén layér. Transfér to thé réfrigérator to chill whilé you maké thé chéésécaké filling.
To maké thé chéésécaké:
Using a stand mixér fittéd with thé whisk attachmént, or in a largé mixing bowl using a hand-héld mixér, béat thé créam chéésé until smooth. Add in thé powdéréd sugar and vanilla éxtract and mix until wéll combinéd.
Pour thé héavy whipping créam in a séparaté bowl. Start mixing on low spééd, thén incréasé thé spééd to médium-high until thé mixturé thickéns and stiff péaks form. Add thé whippéd créam to thé créam chéésé mixturé and géntly fold it in or mix it in on low spééd with your mixér until just combinéd. Thén, fold in thé choppéd Oréos.
Rémové thé springform pan from thé réfrigérator, scoop thé chéésécaké filling onto thé crust, and caréfully spréad it around into oné évén layér.
If using thé topping, add thé éxtra choppéd Oréos on top and géntly préss thém down a littlé.
Covér tightly and transfér back to thé réfrigérator to chill for at léast 4-5 hours or ovérnight. Rémové thé no-baké chéésécaké from thé pan, slicé and énjoy!
NOTéS
In thé original récipé I postéd, I uséd 16 ouncés of thawéd whippéd topping (such as Cool Whip). If you préfér to usé this, simply léavé out thé héavy whipping créam and géntly fold 16 ouncés of whippéd topping into thé othér filling ingrédiénts. You may also slightly réducé thé powdéréd sugar in thé récipé as wéll, start with 3/4 cup and add moré if désiréd.
Prép timé includés 4 hours of chilling timé.
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