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!
DOUBLE DARK CHOCOLATE CHIP SHORTBREAD COOKIES
Double Dark Chocolate Chip Shortbread Cookies ~ they melt in your mouth with an explosion of deep rich chocolate that’ll make your eyelids flutter… to call it a cookie is to completely miss the point.
VINTAGE VIEW ~ these Double Dark Chocolate Chip Shortbread Cookies are from TVFGI archives, way back from the winter of 2011. As part of a new series on the blog I’m reviving some of my favorite recipes that you may have missed over the years. I’m refreshing the photos and commentary but the recipe remains the same, the only change I made was to double it ~ these unusual cookies are a special treat!
Ingredients
- 2 sticks (1 cup) unsalted butter, at room temperature (this is important)
- 1/2 cup confectioner's sugar, sifted
- 1/2 cup dark cocoa powder, sifted (I use Hershey's Special Dark)
- 2 teaspoons vanilla
- 1 1/2 cups all-purpose flour
- 1 cup dark chocolate chips
Instructions
- Oven to 325F
- Cream the butter, cocoa powder and sugar together until completely combined and smooth. Add in the vanilla. if using a stand mixer, be sure to scrape down the sides of the bowl.
- Mix in the flour, making sure to get it thoroughly blended, but don't over mix.
- Fold in the chocolate chips and turn the dough out onto a board dusted with cocoa powder. The dough will be sticky.
- For roll and cut cookies, form into an 8 inch disk (like you would do for pie dough.) Wrap in plastic and refrigerate for at least 3 hours or until firm enough to roll out. You can also freeze the dough for later use.
- Roll the disk out to 1/3 inch thickness and cut cookies with a 2 1/2 inch round cookie cutter. Use cocoa powder liberally to prevent sticking to the surface and to your rolling pin. Place the cookies on a parchment lined baking sheet and bake for 12-15 minutes. The cookies will still be soft, but will firm up as they cool. Cool them on the baking sheet for 10 minutes, then carefully transfer them to a cooling rack.
- For slice and bake cookies, form a 10" log. Wrap in plastic wrap, smoothing the dough as you wrap it, and twist the ends to secure. Refrigerate for at least 3 hours until firm enough to slice. You can also freeze the dough for later use.
- Slice the log into 1/3" slices with a sharp knife. If some of the chips fall out of place, or the dough crumbles as you slice, reform it with your hands. Place the cookies on a parchment lined baking sheet and bake for 12-15 minutes. The cookies will still be soft, but will firm up as they cool. Cool them on the baking sheet for 10 minutes, then carefully transfer them to a cooling rack.
- Note: Because of the chocolate chips these cookies will not be perfectly uniform or smooth.
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