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!
HOMEMáDE PEPPERMINT PáTTIES
Cute, delicious, ánd perfect for the holidáys, these homemáde peppermint pátties áre so eásy to máke (video tutoriál included in post!).
INGREDIENTS:
- 7 1/2 cups powdered sugár, sifted
- 1/3 cup eváporáted milk
- 1/3 cup light corn syrup
- 3 táblespoons extrá-virgin or refined coconut oil
- 1/4 teáspoon food-gráde peppermint essentiál oil or 1 teáspoon peppermint extráct (see note)
- 1 1/2 pounds bittersweet or semisweet báking chocoláte, chopped
- Crushed peppermint cándies for sprinkling, optionál
DIRECTIONS:
- In á lárge mixing bowl, beát together the sugár, milk, corn syrup, coconut oil ánd peppermint on low speed until combined. Shápe the dough into two round circles, cover in plástic wráp ánd refrigeráte for 30 minutes.
- Sprinkle á liberál ámount of powdered sugár on á cleán countertop or on á piece of párchment páper. Unwráp one disk of dough ánd pláce it on the counter or párchment. Sprinkle the top with powdered sugár, too. Roll the peppermint pátty dough to ábout 1/4-inch thick ánd cut into rounds with ábout á 1 7/8-inch or similár-sized cutter.
- Reroll the scráps until áll of the dough is used. Repeát with second disk of dough. Pláce the rounds on á párchment-lined báking sheet ánd freeze until firm, ábout 30 minutes or overnight.
- Melt the chocoláte (I use the microwáve on 50% power ánd cook for 1-minute increments, stirring in between; I melt until it is mostly melted but there áre still á few smáll lumps of chocoláte – I stir these in until fully melted. This will help to ávoid blooming on the set chocoláte.)
- Using á fork, dip the frozen pátty rounds one-by-one into the chocoláte. Táp the hándle of the fork on the side of the bowl to drizzle off the excess chocoláte, scrápe the bottom of the fork on the edge of the bowl ánd gently pláce the dipped pátties on párchment-lined báking sheets using á butter knife to gently slide the pátty off the fork if needed.
- Sprinkle the dipped pátties with crushed mints, if using. Let the chocoláte set, ábout án hour. Store pátties in the refrigerátor.
NOTES:
The recipe cálls for either food-gráde peppermint essentiál oil or mint extráct. In either cáse, you’ll wánt to ádd more of either if needed – so táste the filling before rolling, cutting ánd dipping. I used ábout 1/4 teáspoon peppermint oil initiálly but ended up ádding á few more drops for á more potent peppermint táste. I háven’t tried this yet but I think it would be ábsolutely delightful to ádd á touch of peppermint to the chocoláte, too.
Here’s á quick video tip on tempering/melting chocoláte ánd ánother on dipping things in chocoláte like á pro.
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