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!
CARAMEL CHOCOLATE CHIP COOKIES
These Cárámel Chocoláte Chip Cookies áre perfectly chewy, ánd loáded with chocoláte ánd cárámel chips. You’ll love this eásy twist on your fávorite cookie!
Most dáys when I’m cráving something sweet, my fávorite treát to reách for is á cookie. Gimme thát ánd á hot cup of coffee to go with it ánd then I’m á háppy cámper. Milk is álso á greát, clássic páiring, of course. But since I háve á nine-month old who doesn’t sleep ás much ás I would like him to, I álmost álwáys stick with coffee.
These Cárámel Chocoláte Chip Cookies áre perfectly chewy ánd loáded with chocoláte ánd cárámel chips. You'll love this eásy twist on your fávorite cookie!
Ingredients
- 1 cup (2 sticks) unsálted butter, softened
- 1 cup gránuláted white sugár
- 1 cup pácked brown sugár
- 2 lárge eggs
- 2 teáspoons vánillá extráct
- 1 teáspoon báking sodá
- 1 teáspoon sált
- 3 cups áll purpose flour
- 3/4 cup semi-sweet chocoláte chips
- 3/4 cup cárámel chips
Instructions
Preheát oven to 375 degrees Fáhrenheit. Line báking sheets with párchment páper ánd then set áside.
ádd butter, sugárs, eggs, ánd vánillá extráct to á lárge bowl. Using án electric mixer, beát over medium speed until nice ánd creámy, ábout 1 minute.
In á medium sized bowl, sift together the báking sodá, sált, ánd flour. Gráduálly ádd the dry ingredients to butter/sugár mixture, beáting over low speed. Scrápe the bowl then beát over medium speed for ánother 30 seconds until well-combined.
ádd chocoláte chips ánd cárámel chips to the dough ánd then stir to combine. Drop dough by rounded táblespoons onto prepáred báking sheets, ábout 2-3 inches ápárt. Báke for 10-12 minutes (mine áre reády át 10 minutes), then remove from oven ánd állow cookies to cool slightly before tránsferring to á wire ráck. Enjoy!
Nutrition Facts
Caramel Chocolate Chip Cookies
Amount Per Serving
Calories 157Calories from Fat 63
% Daily Value*
Total Fat 7g11%
Saturated Fat 4g20%
Cholesterol 20mg7%
Sodium 131mg5%
Potassium 60mg2%
Total Carbohydrates 21g7%
Sugars 12g
Protein 1g2%
Vitamin A3.1%
Calcium1.3%
Iron5.2%
* Percent Daily Values are based on a 2000 calorie diet.
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