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!
Chocolate Chip and Pecan Pie
While my husband was away with his BFF’s this past weekend flying their Star Wars drones and playing board games, I decided it would be good time to get some baking done! And let me tell you, I was a baking machine! Besides the Death Star Apple Pie I made the guys (because I too love Star Wars!), I also made the Best Ever Rice Krispie Treats from Once Upon a Chef, Coffee Cake (recipe coming soon!), these lip-smacking Lemon Bars, and this absolute dream dessert—Chocolate Chip and Pecan Pie!
If chocolate chip cookies and pecan pie are favorites of yours, you will L-O-V-E, LOVE this recipe! You can serve it at room temperature or—my favorite—serve it warm with some vanilla ice cream (or whatever flavor you prefer). The top even looks like a large chocolate chip cookie! It is heaven friends—pure heaven!
If chocolate chip cookies and pecan pie are favorites of yours, you will L-O-V-E, LOVE this recipe! You can serve it at room temperature or—my favorite—serve it warm with some vanilla ice cream (or whatever flavor you prefer). The top even looks like a large chocolate chip cookie! It is heaven friends—pure heaven!
INGREDIENTS
- 1 Refrigerated 9″ Pie Crust (homemade or store-bought)
- 1/2 cup (1 stick) Unsalted Butter (melted)
- 1 cup Granulated Sugar
- 1/2 cup All-Purpose Flour
- 1 tsp. Vanilla Extract
- 2 Large Eggs (slightly beaten before adding)
- 1 cup Pecans (chopped)
- 1 cup Milk Chocolate Chips
INSTRUCTIONS
- Roll out your pie crust and place into a 9″ pie dish. Trim and decorate the edges as you wish, then place back in the refrigerator until you’re ready to pour the batter.
- In a small separate bowl, melt the butter in the microwave for 15-30 seconds at a time on a low level until melted. Set aside and let cool.
- Adjust the oven rack to the 2nd level position and preheat the oven to 350º.
- Using your hand-held mixer or stand mixer with a paddle attachment, mix together the sugar, eggs, flour, and vanilla on medium speed.
- Reduce the mixer speed to low and add in cooled butter.
- Keeping the speed on low, add the pecans and chocolate chips. Be careful not to overmix.
- Pour the batter into the unbaked pie crust and bake for 45 minutes.
- Once done, remove from oven and allow to cool completely.
NOTES
I like to roll out my pie crust, trim and decorate the edges, and then place it back in the fridge to keep cool while I make the rest of the recipe. The colder your pie crust is when it goes into the oven, the happier it will be…and flakier too. Mmmm!
Instead of pecans, you can alternatively use walnuts in this recipe as well.
To evenly heat the pie, you may choose to place the pie dish on a baking sheet or jelly roll pan. This has been helpful for me when using a glass or metal pie dish. Add the baking sheet or jelly roll pan during the preheat step. It’s also great for catching anything that may drip down.
15 minutes into baking the pie I like to add a crust protector using aluminum foil. It helps to keep the pie crust from overbaking. You can also use a pie crust shield if you prefer to use that.
Recipe adapted from the 1992 St. Andrew’s Heavenly Delights cookbook.
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