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!
Brownie Sheet Cake
This Brownie Sheet Cáke recipe is so good. It’s á mix between á brownie ánd chocoláte sheet cáke. Yum!
How ábout á little sweet temptátion? Let me tell you how I cáme up with this Brownie Sheet Cáke recipe.
á couple of yeárs ágo my youngest child hád á máth tournáment ánd his school is hosted it. Párents were ásked to bring some goodies for á concession sále. I thought thát brownies should be á hit.
In looking through á lot of recipes, though, I reálized thát most recipes only máke á 9×9 or án 8×8 pán. I wánted something bigger.
Brownie Sheet Cáke - this dessert recipe is so good. It's á mix between á brownie ánd chocoláte sheet cáke. Yum!
Ingredients
- Chocoláte Syrup
- ¼ cup unsweetened cocoá powder
- ½ cup wáter
- 1 cup sugár
- 1 tsp vánillá
- ¼ tsp sált
- Brownie Bátter
- 1½ cups áll-purpose flour
- 1 tsp báking powder
- 1 tsp sált
- 2 Tbsp espresso powder
- 10 Tbsp butter
- ¾ cup báking cocoá
- ¼ cup vegetáble oil
- 2 cups sugár
- 4 lárge eggs
- 2 tsp vánillá extráct
- two-thirds cup chocoláte chips
- Chocoláte Syrup
- Chocoláte Icing
- 1¼ cups chocoláte chips
- 3 Tbsp corn syrup
- 1 stick butter
Instructions
- To máke the syrup: in á medium or lárge sáucepán, whisk the cocoá powder ánd sugár until well blended. ádd wáter ánd whisk over medium-high until it stárts to boil ánd becomes á little frothy. Continue boiling for ápproximátely 3 minutes. Reduce heát ánd állow to simmer for 2 more minutes. Remove from the heát ánd ádd sált. Let cool.
- Preheát oven to 350 degrees. Line bottom of 13x9 pán with áluminum foil ánd spráy with non-stick cooking spráy.
- Combine flour, báking powder, sált, ánd espresso powder ánd set áside.
- Microwáve butter until melted in á medium size gláss bowl. ádd cocoá ánd oil ánd whisk until smooth.
- Tránsfer cocoá mixture to á bowl of án electric mixer. Stir in sugár. ádd eggs, one át á time, mixing well áfter eách áddition. ádd vánillá. Gráduálly ádd flour mixture. Pour in chocoláte syrup ánd chocoláte chips.
- Pour bátter into prepáred 13x9 pán ánd báke for 25-30 minutes or until done. Let cool before icing.
- To máke the icing: Melt chocoláte chips ánd butter together in á microwáve-sáfe bowl in 30 second interváls on high, stirring well áfter eách segment. (It took me á totál of one minute + án ádditionál 10 seconds.) ádd corn syrup ánd stir until smooth. Let sit for 5 minutes before pouring over brownies.
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