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!
LEMONHEAD COOKIES
Lemonhead Cookies are my new favorite cookie! Even if you’re not a fan of Lemonhead candy, you will fall in love with the lemon flavor of these cookies. The glaze makes them extra special, and the bottoms get slightly caramelized from the crushed candies making them perfectly chewy, yet still soft. Seriously delicious!
Oh hello boys and girls! I am pah-rity dang excited about today’s cookie situation. Like for real for real. NO, no one ACTUALLY likes Lemonheads. I get it. But don’t let their small interference in today’s recipe to distract you from the finished product.
The Lemonheads in this recipe are important. Let me explain.
Ingredients
- 1 cup butter, room temperature
- 2 cups granulated sugar
- 2 tablespoons lemon zest
- 2 eggs
- 1 tablespoon vanilla extract
- 1/2 teaspoon kosher salt
- 1/2 teaspoon baking powder
- 1/2 teaspoon baking soda
- 3 1/2 cups all purpose flour
- 1 cup finely crushed Lemonhead candies
- Glaze
- 1 cup powdered sugar
- 2 tablespoons water or milk
Instructions
- Preheat oven to 350°F. Line a baking sheet with parchment paper and set aside.
- In the bowl of you stand mixer fitted with the paddle attachment, mix the butter, sugar, and lemon zest together for 2 minutes until light and fluffy. Add in the eggs, vanilla, salt, baking powder, and baking soda and mix for an additional minute, until combined, scraping the sides of the bowl as necessary.
- Turn the mixer to low and add in the flour, mixing until just incorporated. With mixer still on low, add in the crushed lemon candies, mixing until evenly combined.
- Cover and chill dough for 2 hours or overnight.
- Scoop out 2 tablespoons of dough, and roll into balls. Place them on a baking sheet 2- inches apart, and bake for 9 -11 minutes, or until the cookies are very lightly golden at the edges. Allow the cookies to cool on the baking sheet for 4-5 minutes. Transfer to a wire racket cool completely.
- For the glaze, in a medium bowl, whisk the powdered sugar and water together until a thin glaze forms.
- Dip the tops of each cookie into the glaze and allow excess to drip off before returning to the wire rack, allowing the glaze to set.
Notes
Store airtight at room temperature for up to 3 days
If you plan on freezing these cookies, do so before you glaze them. The glaze can get sticky if frozen and thawed.
TIP: If the cookies are misshapen when they come out of the oven, use your spatula immediately to form the cookies back into perfect circles. These cookies bake up very evenly, but if a Lemonhead bit melts at the edge of the cookie, no problem, just reshape it slightly with your spatula AS SOON as they come out of then oven, when they are most malleable.
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