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!
Snickers Cheesecake Bites
Snickers Cheesecake Bites ~ decadent, sweet and salty blend starts with a pretzel crust filled with creamy candy-cheesecake drizzled with chocolate ganache and gooey caramel.
I love a really tasty dessert, but I’ve been known to eat a mediocre dessert or in an ‘emergency’ a handful of animal crackers to satisfy my sugar craving. These Snickers Cheesecake Bites are one of the best desserts around. I may have eaten one. . .or three today alone.
I used to make a full-size Snickers Cheesecake years ago that was a total show stopper but the days of full size anything in our house went by the wayside when we became empty-nesters. It’s much easier to share extras of single-serve or bite-size anything so I repurposed that cheesecake into these Snickers Cheesecake Bites ~ equally fabulous but just because they’re mini doesn’t mean you have to stop at one.
Ingredients
- 3 full size Snickers candy bars coarsely chopped
- 1 cup crushed pretzel sticks
- 2 tablespoons brown sugar
- 1/4 cup melted butter
- 6 ounces cream cheese room temperature
- 1/2 teaspoon vanilla
- 1/4 cup . granulated sugar
- 2 tablespoons peanut butter
- 1 egg
- 1/3 cup semi sweet chocolate chips
- 3-4 tablespoons milk
- 3 tablespoons caramel ice cream topping jar
- 12 cup muffin tin
- 12 paper liners
Instructions
- Line the muffin tin with paper liners then preheat the oven to 325°.
- Using either a food processor or zip-top bag, crush the pretzels into crumbs then add them to a medium size bowl. Pour in the melted butter and sugar and blend thoroughly.
- Divide the pretzel mixture between the cups then using the back of a measuring spoon gently press onto the bottom of the liner.
- Using a hand-held mixer blend the cream cheese, vanilla, granulated sugar and peanut butter together then fold in the eggs.
- Stir about 2 1/2 of the coarsely chopped Snickers bars into the mix by hand. Set aside the remaining candy for garnish.
- Divide the mixture between the cups (they should be almost full) and bake at 350 15-18 minutes. There may be a slight jiggle to them but they’ll continue to cook as they cool.
- To make the GANACHE, pour the chocolate chips and milk into a microwave safe bowl and heat on high 30 seconds. Stir and if the chips aren’t all melted microwave a few more seconds until the ganache is smooth and a consistency that will let you drizzle it easily. If necessary add more milk a teaspoon at a time.
- Once the cheesecakes are completely cool, drizzle the ganache over the top followed by a drizzle of caramel sauce then top with the remaining candy pieces. Refrigerate at least a couple of hours up to overnight.
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