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!
THE BEST SOFT SUGAR COOKIES
This post is sponsored by Sprinkle Pop in conjunction with Christmas Cookie Week. I received product samples from sponsor companies to aid in the creation of the Christmas Cookies Week recipes. as always, all content and opinions are my own. This post may also contain affiliate links. Please view my privacy policy for more information.
Today, I used two of Sprinkle Pop’s Holiday mixes, Fahoo Fores and Winter Wonderland. aren’t they fun?! I love how simple and refreshing the classic white and silver Winter Wonderland mix is. On the other hand, the Fahoo Fores mix is so bright and unique! I wouldn’t normally think “pink” for Christmas, but it totally works!
These perfectly soft and chewy sugar cookies are the best! They are wonderful rolled out or just pressed, and perfect for decorating for the holidays!
ingredients
- SUGaR COOKIES
- 6 tablespoons softened butter
- 6 tablespoons shortening
- 1 cup sugar
- 2 eggs
- 1 teaspoon pure vanilla extract
- 2 1/2 cups flour plus 1-3 tablespoons
- 1 teaspoon salt
- 1 teaspoon baking powder
- BUTTERCREaM FROSTING
- 6 cups powdered sugar
- 2/3 cup salted butter, softened
- 5 tablespoons heavy whipping cream (or 4 tablespoons milk)
- 3 teaspoons pure vanilla extract
- DECORaTIONS
- Fahoo Fores Sprinkle Pop Mix
- Winter Wonderland Sprinkle Pop Mix
- Gel food coloring for frosting
- Sparkling Sugar
instructions
SUGaR COOKIES
With the paddle attachment, beat together the softened butter, shortening, sugar, eggs and vanilla extract.
add 2 1/2 cups flour, baking powder and salt and mix well until combined.
Touch the dough, if sticky add 1-3 tablespoons flour until it is just barely not sticky to the touch. It should still be really soft. (Remember, you will end up adding a little more flour as you roll out the dough to keep it from sticking to your surface, so don’t add to much now). Continue to beat/knead the dough for a minute or two.
For pressed cookies, roll into balls and press with the back bottom of a glass cup until about 1/3-1/2 inch thick and the sides are cracked.
For rolled out shapes, chill the dough in the refrigerator for 1 hour, or overnight.
Flour your surface, hands, and rolling pin. Knead the dough for a minute and then roll out with rolling pin until it’s about 1/3 of an inch thick.
Use desired cookie cutters, dipping them in flour if they are sticking to the dough.
Bake cookies at 400 degrees for 5-7 minutes. You want to take them out before they start to turn golden brown on the top. They will look under cooked, don’t worry, they will continue to cook a little more on the cookie sheet as they are cooling.
Leave the cookies on the cookie sheet for about 5 minutes, then transfer to a cooling rack to finish cooling.
Once cool, frost and decorate as desired. Store in an airtight container for up to a week.
BUTTERCREaM FROSTING
add all ingredients to a mixer with the whisk attachment.
Beat on low and slowly increase the speed.
Continue to beat for 2-3 minutes, or until the ingredients are well combined and the frosting is nice and fluffy.
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