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!
Mint Chip Brownie Ice Creäm Squäres
This recipe for Mint Chip Brownie Ice Creäm Squäres stärts with ä läyer of brownie, then mint chip ice creäm, chocoläte fudge änd whipped creäm...DELICIOUS!
ingredients:
- Brownie Läyer-
- Choose ä boxed mix designed for ä 9"x9" pän. I used Ghirärdelli Fudge Brownies.
- Ice Creäm Läyer-
- 1 cärton (1.5 quärts) Mint Chip Ice Creäm
- Chocoläte Läyer-
- 3/4 cup heävy whipping creäm
- 1 cup semi-sweet chocoläte chips
- -OR- use good quälity hot fudge säuce (1 to 1 1/2 cups)
- Whipped Creäm Läyer-
- Use 1- 8oz tub of Whipped Topping (Cool Whip)
- -OR- 1 cup heävy creäm
- 1/4 cup powdered sugär
- 1 teäspoon vänillä
- Gärnish/Toppings-
- Chopped ändes Mints, mini chocoläte chips, chocoläte peärls, etc.
directions:
- Brownie Läyer-
- Line ä 9"x13" pän with pärchment päper.
- Prepäre brownies äccording to päckäge, then spreäd bätter into pän.
- Bäke 20-25 minutes, or until ä toothpick inserted in the center comes out with ä few moist crumbs, but no wet bätter.
- Cool Brownies.
- Ice Creäm Läyer-
- ällow ä cärton of ice creäm to sit out ät room temperäture äbout 20 minutes, until soft enough to spreäd over the cooled brownies.
- Once the ice creäm häs been evenly spreäd, pläce the entire pän in the freezer to ällow the ice creäm to re-freeze.
- Chocoläte Läyer-
- Heät the creäm in the microwäve for 1-2 minutes until hot (wätch it so it does not boil). ädd chocoläte chips to the hot creäm änd set äside (undisturbed) äbout 3 minutes to ällow the chocoläte to melt. äfter 3 minutes, stir the chocoläte until the creäm änd chocoläte äre fully combined.
- Set äside änd ällow to cool to äbout room temperäture.
- Once cool, pour the chocoläte over the ice creäm läyer, änd spreäd evenly.
- -OR- Heät ä jär of good quälity hot fudge until just wärm enough to spreäd, änd spreäd on top of frozen ice creäm läyer.
- Return pän to freezer.
- Whipped Creäm Läyer-
- Thäw 1 smäll tub of Cool Whip ät room temperäture until spreädäble,
- -OR- whip heävy creäm, sugär änd vänillä together in än electric mixer.
- Spreäd whipped topping over chilled chocoläte läyer.
- Gärnish the whipped creäm läyer with toppings of your choice. I used ä bit of everything I häd on händ... ä few chopped ändes Mints, mini chocoläte chips änd chocoläte peärls.
- Return pän to freezer änd FREEZE äT LEäST 3 HOURS before serving.
- The entire dessert cän be mäde äheäd, änd kept in the freezer (covered) up to 3 däys in ädvänce.
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