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!
WHITE CHOCOLATE & ALMOND AMARETTO CHEESECAKE
It’s been a long time since I have made a really special dessert. When my husband and I were first married, I use to surprise him with all sorts of sweets that took a good amount of time in the kitchen to make. Now, don’t get me wrong, I make homemade cookies, brownies, cupcakes and those type of things, but I am talking about an indulgent dessert that isn’t on the menu everyday. After being married for almost 12 years having four beautiful children, I can honestly say that baking my husband and I a special dessert to share hasn’t been a priority of mine in a very long time.
Ingredients
- For The Crust:
- 2 1/2 cup graham cracker crumbs (roughly 2 bags from a box)
- 1/4 cup plain almonds, chopped very fine in food processor
- 1/4 cup sugar
- 1/2 cup unsalted butter, melted
- 1 Tbsp. Amaretto
- For The Filling:
- 2 (8 oz.) packages Cream cheese, softened
- 2 (8 oz.) packages Neufchâtel cheese, softened
- 1 1/2 cups sugar
- 4 eggs
- 3 Tbsp. Amaretto
- 1 tsp. almond extract
- 3/4 tsp. vanilla extract
- pinch of salt
- 1/4 cup almonds, chopped very fine in food processor
- 2 oz. Baker's Premium White Chocolate, finely chopped
- For Topping:
- 1 (16 oz.) container sour cream
- 1/4 cup sugar
- 1 tsp. almond extract
- 1/2 cup sliced almonds for garnish
Instructions
- Grease a 9 inch Springform Pan and set aside.
- Preheat your oven to 325 degrees.
- Combine the graham cracker crumbs, melted butter, almonds, sugar and Amaretto for the crust.
- Spread the crust into your pan evenly and half way up the sides, while pressing down firmly.
- Set aside.
- In your Kitchen Aid Mixer, cream the cheeses with the sugar.
- Add the eggs, one at at time, beating until just combined after each addition.
- Add the almonds, the Amaretto, almond extract, vanilla extract, pinch of salt and combine.
- Stir in the white chocolate.
- Pour the filling into the crust.
- Place your Springform pan on top of a baking sheet and bake for 55-65 minutes, or until the cheesecake is almost set.
- Meanwhile, mix together the topping in a small bowl.
- When the cheesecake is almost set, remove it from the oven and let stand for 5 minutes.
- Spread the sour cream topping evenly over the cheesecake and bake another 5 minutes.
- Remove from the oven and let it cool in the pan for 10 minutes.
- Carefully, take a knife and go around the edges of the pan to loosen, and leaving the cheesecake still in the Spring form pan, move to a cooling rack.
- Sprinkle with sliced almonds.
- After about an hour of cooling, place the cheesecake on a plate, still in the Spring form pan and place in the refrigerator to chill overnight.
- The next day,remove the sides of the pan and slice.
- You can use a long knife dipped in very hot water to slice the cheesecake.
- You can serve the next day, or freeze individual slices, separated with small pieces of parchment paper in a freezer friendly container for your convenience.
- Makes (1) 9 inch cheesecake, about 12 servings.
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