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!
Bailey’s Cheesecake Doughnuts
Feast your eyes and your tummies on these fabulous Bailey’s Cheesecake Doughnuts. Easy doughnuts are filled with Bailey’s cheesecake mixture and topped with Bailey’s flavored milk chocolate ganache.
These are for all parents who sneak-eat candy bars in the closet. Some of you may be surprised at the notion that parents eat candy bars and cookies in the closet but it is definitely a thing. Yes, parents hide treats for themselves and eat them secretly, away from the kids.
I, myself, have been caught by my son eating a cookie behind the pantry door or while hiding somewhere many times. Some might think it’s mean or selfish to hide the treats from the kids and eat it all by yourself but it’s necessary. Parent’s know that everything goes to kids, everything you have and everything they have. If they see you eating something yummy, they instantly turn into a begging puppy and you can’t help but give them everything. So it’s quite rare when a parents can actually eat a treat when kids are present.
Ingredients
- 8 original refrigerated biscuits (I used Pillsbury grands) 1 package
- 5 cups oil for frying
- Filling:
- 8 oz cream cheese
- 2 tbsp sour cream
- 1/4 cup Bailey's Irish Cream
- 1/4 cup sugar
- Topping:
- 4 oz milk chocolate
- 5 tbsp Bailey's Irish Cream hot
Instructions
- Preheat oil in a fryer, dutch oven, or a medium sauce pot to 340-350°F. (If using a pot on a stove top, I recommend a medium setting.)
- Open the can of refrigerated biscuits and carefully take them apart. Let biscuits rest on the board for a few minutes, while the oil is warming up.
- Fry biscuits, 2-3 at a time, until golden brown. Flip to the other side and fry until that side is golden brown as well.
- Place some paper towels on a wire rack. Take out cooked doughnuts and place them on the wire rack to cool.
- Beat cream cheese, sugar, sour cream and Bailey's Irish Cream in a bowl for 2-3 minutes. Transfer cheesecake mixture into a piping bag fitted with a pastry filling tip. Set aside.
- Once doughnuts are cool for a couple of minutes, fill each doughnut with some cheesecake mixture from the piping bag.
- Chop milk chocolate and place it in a small mixing bowl.
- Bring Bailey's to simmer, be careful not to let it actually boil. Pour hot cream over the chopped milk chocolate and stir with a whisk until melted and smooth.
- You can dip each doughnut into the chocolate ganache or spoon ganache over each doughnut.
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