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!
COCONUT STUFFED BROWNIES
Coconut Stuffed Brownies are like a coconut macaroon stuffed inside fudgy brownies! It’s like a Mounds bar in brownie form…perfect for the coconut lover in your life!
I am all about a new brownie recipe. And I won’t lie, I didn’t invent this idea. I was in my local supermarket bakery (which is not that place to be if you’re craving high swirls of shortening based frosting) and I saw a kinda-sorta version of these brownies. In the store, they were topped with chocolate frosting, and the filling looked like it might be a coconut frosting situation (told you, FROSTING), and I knew I had to throw my hand in the ring.
These are for the coconut lover in your life! The sweet filling is chewy and packed with coconut.
Ingredients
Brownies
- 1 cup butter, room temperature
- 2 cups granulated sugar
- 4 eggs
- 2 teaspoons vanilla extract
- 1 cup unsweetened cocoa powder
- 1/2 teaspoon kosher salt
- 1 1/2 cups all purpose flour
- 1 cup mini chocolate chips
Filling
- 4 cups sweetened flaked coconut
- 1 (14- ounce can) sweetened condensed milk
- 2 teaspoons vanilla extract
Instructions
- Preheat oven to 350°F. Line a 9×13 baking dish with foil. Coat the foil with nonstick spray and set aside.
- In the bowl of your stand mixer fitted with the paddle attachment mix together the butter and sugar on medium speed for 1-2 minutes until combined. Add in the eggs and vanilla and continue mixing for 1 minute until smooth, scraping the sides of the bowl as necessary.
- Turn mixer to low and add in the cocoa powder and salt, mixing until incorporated. Add in the flour, stirring until combined and smooth, and finally stir in the chocolate chips.
- Pour half of the brownie batter in the bottom of the prepared pan.
- To prepare your filling, in a large bowl stir together the coconut, sweetened condensed milk, and vanilla until combined.
- Spread the coconut mixture evenly on top of the brownie batter.
- Top the coconut mixture with the remaining brownie batter.
- Bake for 40 minutes, or until the brownies are just set.
- Allow the brownies to cool completely before slicing into bars
Notes
store airtight at room temperature for up to 3 days.
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