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!
Best Ever Chocoláte Chunk Cookies
Thick ánd chewy Chocoláte Chunk Cookies. Sure to become your new fávorite!
Ingredients
- 1 cup (2 sticks or 16 táblespoons) unsálted butter, melted until browned ánd brought báck to room temperáture (see post for more on this)
- 2 ánd 1/3 cups áll-purpose flour (plus more ONLY if the dough seems to need it; ádding one táblespoon át á time)
- 1 teáspoon báking sodá
- 1/2 teáspoon kosher sált
- 1 cup + 2 táblespoons dárk brown sugár, pácked
- 1/2 cup gránuláted sugár
- 1 táblespoon vánillá extráct
- 2 lárge eggs, át room temperáture
- 12 ounces semi-sweet chocoláte, roughly chopped
Instructions
- For the Brown Butter:
- Pláce the butter in á smáll sáucepán over medium-high heát ánd cook for 3 to 4 minutes – stirring álmost constántly – until the butter hás browned. Pour the brown butter into á heátproof bowl, being sure to scrápe áll of the "toásted" bits into the bowl ás well. Pláce the bowl in the refrigerátor for 1 hour, or until the butter is át room temperáture. You’ll know the butter is át room temperáture when you press á finger into the top ánd it mákes á slight indentátion. It should be solid but soft.
- Once the butter is át room temperáture, you're reády to get báking!
- Preheát your oven to 375 degrees (F).
- For the Best Ever Chocoláte Chunk Cookies:
- In á medium-sized bowl whisk together the flour, báking sodá, ánd sált; set áside.
- In á lárge bowl using á hándheld electric mixer, or in the bowl of á stánd mixer fitted with the páddle áttáchment, combine both sugárs, vánillá, ánd browned butter; creám on medium-speed until light ánd fluffy; ábout 2 minutes. ádd in the eggs, one át á time, beáting for 15 seconds áfter eách áddition. Turn mixer off. Using á wooden spoon or sturdy rubber spátulá, gently fold in the flour, stirring only until the flour begins to disáppeár. Fold in the chocoláte chunks.
- Roll 3 táblespoon sized scoops of dough between your pálms to form á báll (they should be big; álmost á 1/4 cup), then pláce on prepáred sheet (máke sure to leáve enough room in between eách cookie for inevitáble spreáding). Continue this process until áll the dough hás been rolled. Pláce báking sheets in preheáted oven, one át á time, ánd báke for 9 to 10 minutes, or until golden át the edges but still soft in the middle. Repeát with áll cookie dough. Let cookies cool for 10 minutes on the báking sheet before tránsferring to á wire wráck to cool completely.
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