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!
STRAWBERRY CHEESECAKE COOKIES
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It’s funny because in my original recipe I talk about my then 4 year old and how he’s obsessed with strawberries, and he still is now at nine! In fact, I had three pints just sitting in my fridge because he goes through them so quickly!
These cookies are not hard to make but there are a few notes for the result to come out good.
Strawberry Cheesecake Cookie Recipe – Easy, delicious light and fluffy cookies with a creamy center, topped with a heart-shaped strawberry. Perfect Valentine’s Day dessert recipe!
INGREDIENTS
- 8 oz cream cheese, softened
- 7 tablespoons unsalted butter, softened
- 1 1/4 cup granulated sugar
- 2 large eggs
- 1 teaspoon lemon juice
- 2 1/2 cups self-rising flour
- approximately 1 pint of strawberries
INSTRUCTIONS
- In a mixer combine cream cheese and butter and beat on medium high speed at least two minutes until light and fluffy.
- Reduce mixer speed and add in sugar, lemon juice, then eggs one at a time and mix until uniform.
- Remove bowl from mixer and slowly add flour a little at a time and stir by hand until just blended, do not overmix.
- Refrigerate at least two hours or overnight (covered).
- Preheat oven to 350 degrees Fahrenheit. Line a baking sheet with a baking mat or parchment paper.
- Use a cookie dough scoop to measure out 1″ balls of dough. Roll in your hands and place on the prepared baking sheet. Flatten balls slightly with your hand or the back of a spoon.
- Bake for ten minutes. In the meantime, cut off top of strawberries, halve them, then notch the top into a heart shape if desired.
- Remove baking sheet from oven and immediately press strawberry halves into the top. Remove from pan to cooling rack and allow to cool ten minutes.
- Store in a covered container in the refrigerator up to one week.
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