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!
LEMON BARS
a classic recipe for Lemon Bars with a shortbread crust and a tart and lemony curd filling. These lemon bars are luscious and totally scrumptious.
Lemons, lemons, lemons! Meyer Lemons! When life gives you lemons you make lemon bars or lemon chicken piccata!
I’m still working my way through all the Meyer lemons I bought. These lemon bars though, are so good and such a great use of those Meyer lemons. They were totally worth it. If you love lemons, or lemon bars, or anything lemony, you must try these lemon bars.
a classic recipe for Lemon Bars with a shortbread crust and a tart and lemony curd filling. These lemon bars are luscious and totally scrumptious.
Ingredients
- For the Crust
- 1/2 cup sugar granulated
- 1/2 lb butter unsalted, at room temperature (2 sticks)
- 2 cups all-purpose flour
- 1/8 tsp salt
- For the Filling
- 6 eggs at room temperature
- 3 cups sugar granulated
- 2 tbsp lemon zest grated
- 1 cup lemon juice freshly squeezed
- 1 cup all-purpose flour
Instructions
Preheat the oven to 350 F degrees.
PREPaRE BaKING PaN: Prepare a 9x13 inch baking pan with parchment paper, make sure the parchment paper is long enough to come over the sides, this will make it easy to pull out the bars.
MaKE CRUST: In the bowl of your mixer add sugar and butter and beat using the paddle attachment until light. add flour and salt and mix until the dough starts forming into a ball. It will still crumble easily.
Dump the dough into the prepared baking dish and flatten using your floured hands. I straightened mine out with a spatula, but it's not necessary.
BaKE CRUST: Bake the crust for 20 minutes, until very lightly browned, you'll start seeing the edges brown. Let it cool and leave the oven on.
MaKE FILLING: Whisk together all the filling ingredients. Pour over cooled crust.
BaKE LEMON BaRS: Transfer the baking pan back to the oven and for another 30 to 35 minutes or until the filling is set. Let it cool at room temperature.
Cut into triangles or squares and dust with powdered sugar
Notes
Store in an airtight container. These lemon bars also freeze well.
This recipe will yield about 24 triangles, depending on how big you cut them.
Please keep in mind that nutritional information is a rough estimate and can vary greatly based on products used.
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