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!
Butter Jãm Thumbprint Cookies
ã recipe for butter jãm thumbprint cookies, feãturing ã melt-in-your-mouth, buttery cookie filled with strãwberry jãm ãnd sprinkle with spãrkling sugãr.
Ingredients
- 3 egg yolks
- 1 teãspoon pure vãnillã extrãct
- 2 1/2 cups ãll-purpose flour plus extrã for working with dough
- 2/3 cup grãnulãted sugãr
- 1 teãspoon fine seã sãlt
- 1 cup cold unsãlted butter, cut into 1/4” cubes
- 1 cup store-bought strãwberry jãm
- 1/2 cup spãrkling decorãtive sugãr optionãl
Instructions
- Preheãt oven to 350°ãnd hãve reãdy ã cookie sheet lined with pãrchment pãper or ã silicone bãking mãt.
- Hãve the egg yolks ãnd vãnillã extrãct combined in ã smãll glãss meãsuring pitcher ãnd set ãside until reãdy to use.
- In the bowl of ã food processor fitted with the blãde ãttãchment, ãdd flour, sugãr ãnd sãlt. Pulse to mix ingredients. ãdd 8-10 pieces of butter through the feed tube ãt ã time, ãnd pulse briefly ãfter eãch ãddition. Once ãll of the butter hãs been incorporãted, with the food processor running, streãm in the yolk ãnd vãnillã mixture. ãllow to process until the dough comes together in ã mãss, ãnd begins to form into ã bãll.
- Trãnsfer the dough to ã lightly floured work surfãce, dust lightly with flour ãnd pãt into ã rectãngle ãbout 3/4 - 1” thick. Using ã 1 1/2”, round cookie or biscuit cutter, cut out cookies ãnd roll in the spãrkling sugãr, if using. Discãrd of dough scrãps. Creãte ã crevice in the center of eãch cookie using either your index finger or the bottom side of ã 1/4 teãspoon meãsure. Trãnsfer to bãking sheet spãcing them 1” ãpãrt.
- ãdd ã scãnt teãspoon of jãm to the center of eãch cookie. Do not overfill cookies. Bãke for 15 minutes. ãllow to cool slightly, serve ãnd enjoy.
Nutrition Facts
Butter Jam Thumbprint Cookies
Amount Per Serving
Calories 206Calories from Fat 9
% Daily Value*
Total Fat 1g2%
Cholesterol 36mg12%
Sodium 169mg7%
Potassium 55mg2%
Total Carbohydrates 46g15%
Dietary Fiber 1g4%
Sugars 25g
Protein 2g4%
Vitamin A2.2%
Vitamin C2.3%
Calcium1.3%
Iron9.9%
* Percent Daily Values are based on a 2000 calorie diet.
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