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!
Triple chocolate chip cookies
Soft and chewy triple chocolate chip cookies. Made with semi-sweet chips, chocolate chunks and cocoa powder. A chocolate lovers dream cookie!
These triple chocolate chunk cookies are completely irresistible. Rich, fudgy and customizable with your favorite chocolate! I have 4 different ways to make these cookies today… but really the possibilities are endless.
Soft and chewy triple chocolate chip cookies. Made with semi-sweet chips, chocolate chunks and cocoa powder. A chocolate lovers dream cookie!
INGREDIENTS
- 1 cup 2 sticks unsalted butter, at room temperature
- 1 1/2 cups sugar
- 1/2 cups packed brown sugar
- 2 large eggs
- 2 1/2 teaspoons vanilla
- 2 cups all purpose flour
- 3/4 cup unsweetened cocoa powder I like to sub 1/4 cup special dark powder
- 1 1/2 teaspoons baking soda
- 1 1/2 teaspoons baking powder
- 1 teaspoon fine sea salt or kosher salt
- 1 cup semi sweet chocolate chips or milk
- 1 cup dark chocolate chunks
INSTRUCTIONS
- In a large bowl, cream together the butter and sugars. Add the eggs and vanilla and mix until smooth.
- In a separate bowl whisk together the flour, cocoa, baking soda, baking powder, and salt. Slowly pour the flour mixture into the sugar. Gradually add the flour mixture to the sugar mixture and mix just until combined. Add the chocolate chips and then refrigerate the dough for 15-20 minutes.
- Preheat oven to 350°F. Line two baking sheets with parchment paper. Scoop the dough onto the pan using a large cookie scoop (or about 2 Tablespoons). Bake for 8-10 minutes or until the edges are slightly crisp, yet soft in the middle.
Nutrition Facts
Triple chocolate chip cookies
Amount Per Serving
Calories 180Calories from Fat 81
% Daily Value*
Total Fat 9g14%
Saturated Fat 5g25%
Cholesterol 23mg8%
Sodium 161mg7%
Potassium 118mg3%
Total Carbohydrates 22g7%
Dietary Fiber 1g4%
Sugars 14g
Protein 2g4%
Vitamin A3.5%
Calcium2.3%
Iron7.2%
* Percent Daily Values are based on a 2000 calorie diet.
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