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!
Salted Caramel Turtle Thumbprint Cookies
If you’re going to add caramel you may as well salt it, right? I still haven’t gotten my brother and sister to like salted caramel but one of these days I know it’s going to happen. They must have strange taste buds :). I’ve been posting cookies like crazy, but tis the season! Besides you can never have too many cookie recipes. And this one, you just can’t do without.
Ingredients
- 1 cup all-purpose flour
- 1/3 cup cocoa powder
- 1/4 tsp salt
- 1/2 cup unsalted butter , softened
- 1/3 cup granulated sugar
- 1/3 cup packed light-brown sugar
- 1 large egg , yolk and white separated
- 1 1/2 tsp vanilla extract
- 2 Tbsp buttermilk
- 1 1/4 cups finely chopped pecans
- 15 caramels (such as Kraft)
- 2 1/2 Tbsp heavy cream
- Flaky or coarse sea salt
- 3 oz chopped milk chocolate or semi-sweet chocolate chips , or chopped chocolate
- 2 tsp shortening
Instructions
- In a mixing bowl, whisk together flour, cocoa powder and salt, set aside. In the bowl of an electric stand mixer fitted with the paddle attachment, whip butter, granulated sugar and brown sugar on medium-high spread until slightly pale and fluffy, about 2 minutes. Mix in egg yolk (set egg white aside in a bowl in refrigerator) and vanilla extract. Blend in buttermilk. With mixer set on low speed, slowly add in dry ingredients and mix just until combined. Shape dough into a ball and drop onto a sheet of plastic wrap, flatten dough into a 6-inch disk then wrap with plastic wrap and chill 45 minutes, until slightly firm (or up to 1 day. If chilling longer than a few hours, I'd recommend letting the dough rest a room temperature a bit so the dough isn't too firm and cracking when making indentations).
- Preheat oven to 350 degrees. Remove egg white from refrigerator and whisk vigorously until frothy. Place finely chopped pecans in a bowl. Shape dough into 1-inch balls (18 grams each) then working with one at a time, drop into egg white and roll to evenly coat the lift and allow excess egg white to run off and immediately place in bowl with chopped pecans and roll to evenly coat (if necessary, you can gently press into the nuts to help them stick). Transfer to Silpat or parchment paper lined baking sheets and make a deep indentation with thumb in the center of each dough ball. Bake in preheated oven until set, about 10 - 12 minutes. Remove from oven then using the bottom of a rounded teaspoon, gently press down on existing indentation (to create more space for caramel). Cool on baking sheet several minutes then transfer to a wire rack to cool completely.
- For the topping:
- Place caramels and cream in a microwave safe bowl. Heat mixture in microwave on HIGH power in 30 second intervals, stirring after each interval until melted and smooth. Spoon caramel into indentation in cookies and sprinkle tops with a small pinch of sea salt.
- Place chocolate and shortening into a separate microwave safe mixing bowl. Heat mixture on 50% power in 30 second intervals, stirring after each interval until melted and smooth. Pour into a piping bag or ziplog bag and cut tip of corner. Drizzle over cookies. Allow to set then store in an airtight container.
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