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!
MISSISSIPPI MUD BROWNIES
My favorite one-bowl brownie recipe topped with warm gooey marshmallows and chocolate frosting.
First, I just love brownies. I have tons of different brownie recipes on my site too. I’m thinking of sharing my favorite “brownie in a mug” recipe soon. Anyone interested? It’s our go-to treat when my husband and I want something sweet, fast, that doesn’t make a mess.
Brownies are the best. Top them with marshmallows and the best creamy homemade chocolate frosting and I’m pretty much in heaven.
Second, my Mississippi Mud Cake recipe totally went viral on facebook–it’s had over 9 MILLION views. Say whhhaa?! Obviously you all love the chocolate/marshmallow combo as much as I do, so it’s high time I shared these insanely delicious Mississippi Mud Brownies!
These little beauties are really simple. They start with a super easy, one-bowl brownie recipe. That’s right–mix all the ingredients in just one bowl.
My favorite one-bowl brownie recipe topped with warm gooey marshmallows and chocolate frosting.
Ingredients
For the brownies:
- 1/3 cup unsweetened cocoa powder
- 1/2 cup oil (canola or vegetable)
- 1/2 cup butter , softened
- 2 cups granulated sugar
- 4 large eggs
- 2 teaspoons vanilla
- 1 1/2 cups flour
- 1 teaspoon salt
- 3 cups mini marshmallows
For the frosting:
- 1/2 cup melted butter
- 1/3 cup unsweetened cocoa powder
- 1/3 cup evaporated milk
- 1 teaspoon vanilla
- 3 - 3 1/2 cups powdered sugar
Instructions
- Preheat oven to 350 degrees F. Grease a 9x13'' pan with non-stick cooking spray.
- In a large mixing bowl, pour oil over cocoa powder and mix. Add softened butter and mix until smooth. Add sugar and mix for 1 minute.
- Add eggs, one at a time, mixing after each addition. Add vanilla and mix. Add flour and salt and stir to combine.
- Pour batter into prepared pan. Bake for 25-30 minutes or until a toothpick inserted into the center comes out clean.
- Remove brownies from the oven and sprinkle the marshmallows evenly on top. Return to the oven for 2-3 minutes or until the marshmallows are puffed. Remove from oven and allow them to cool completely.
- Once brownies are cool, make the frosting.
- For the frosting:
- Add melted butter, cocoa powdered, evaporated milk, vanilla, and 2 cups of powdered sugar to a mixing bowl and beat with electric beaters until smooth.
- Add more powdered sugar, a cup at a time, mixing well, until you reach your desired frosting consistency. I usually use about 3 1/4 cups powdered sugar.
- Spread frosting over the cooled brownies and cut into squares. I've found a plastic knife works best to cut them, or if you make them 1 day in advance they are much easier to cut.
Recipe Notes
*If you don't want to use the entire batch of frosting you can store any extra in a tupperware in your fridge for several weeks, or you can freeze it.
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