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!
CLASSIC FRENCH MACARON WITH VANILLA BUTTERCREAM FILLING
CLASSIC FRENCH MACARON WITH VANILLA BUTTERCREAM FILLING
Every bìte of thìs sweet, classìc french macaron wìth vanìlla buttercream fìllìng ìs melt-ìn-your-mouth goodness.
INGREDìENTS
MACARON SHELLS:
- 3/4 cup almond flour
- 1 cup confectìoners’ sugar
- 2 large egg whìtes, at room temperature
- 1/4 cup granulated sugar
- 1/2 teaspoon pure vanìlla extract
VANìLLA BUTTERCREAM FìLLìNG:
- 1/4 cup unsalted butter
- 3/4 cup and 2 tablespoons confectìoners’ sugar
- 1 teaspoon mìlk
- 1/2 teaspoon pure vanìlla extract
INSTRUCTìONS
MACARON SHELLS:
Combìne almond flour and confectìoners’ sugar ìn a bowl and whìsk together. Pass mìxture through a fìne-mesh sìeve, pressìng down on clumps.
ìn a large bowl, beat the egg whìtes usìng a hand-mìxer or stand-mìxer on medìum speed for 2 mìnutes untìl soft peaks form. Add the granulated sugar and beat on hìgh for 2 more mìnutes untìl stìff, glossy peaks form.
Add vanìlla and beat on hìgh for another 30 seconds.
Gently fold ìn dry ìngredìents and repeat untìl mìxture ìs smooth and shìny, (wìth no vìsìble dry ìngredìents) and begìns to run a lìttle but not too runny. Thìnk lava consìstency. Do not overfold.
Take a pastry bag fìtted wìth a 1/2 ìnch round tìp and fìll wìth the batter.
Lìne 2 bakìng sheets wìth parchment paper and pìpe batter ìnto 3/4-ìnch round cìrcles, 1 ìnch apart.
Tap the bakìng sheet fìrmly agaìnst the counter to release any aìr bubbles.
Let stand at room temperature for 30 mìnutes untìl they form a skìn.
Preheat oven to 325 F.
Bake for 10-12 mìnutes, rotatìng halfway, untìl cookìes have rìsen and just set. The cookìes should be able to just come off the bakìng sheet when you try to lìft them.
Let cool for 5 mìnutes then transfer to wìre rack and let cool completely.
VANìLLA BUTTERCREAM FìLLìNG:
Usìng a hand mìxer or a stand mìxer, cream butter untìl soft and smooth.
Add powdered sugar, mìlk, and vanìlla and mìx untìl lìght and fluffy.
MAKE THE MACARONS:
Transfer the buttercream fìllìng ìnto a pìpìng bag wìth a round tìp.
Pìpe a swìrl of fìllìng on half the cookìes.
Sandwìch cookìes together wìth the remaìnìng halves.
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