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 Peanut Butter Valentine’s Heart
Valentine’s Day is just around the corner. And you are probably looking for fun and tasty Valentine’s treat to make. Stop looking! This Chocolate Peanut Butter Valentine’s Heart recipe is super simple and easy to make. But these cute chocolate peanut putter hearts are melt-in-your-mouth gooooooooood!!!
Chocolate Peanut Butter Valentine’s Heart are delicious dessert, but also great as a homemade gift.
Ingredients
- 1 cup creamy peanut butter-room temperature
- ¼ cup unsalted butter-melted
- 2 Tablespoons brown sugar
- 2 teaspoon vanilla extract
- ¼ teaspoon salt
- 2 cups powdered sugar
- 10-12 oz. chocolate chopped in small pieces (I used half of semi-sweet and half of milk chocolate) or use good quality candy coating (it’s easier to work with than with real chocolate, if you don’t have too much experience)
Instructions
- Line 8 x 8 inch dish with parchment paper, leaving the paper overhang the sides so you can easily lift it later and set aside.
- Then in a mixing bowl stir together peanut butter, melted butter, brown sugar vanilla and salt, until sugar dissolve. Next, gradually mix in powdered sugar.
- Press the mixture into prepared dish. Smooth the top with spatula or simply press it with your palms to flatten into about ½ inch thick layer.
- Place it in the freezer until firm enough for cutting.
- When the mixture is firm enough, line a tray with parchment paper and set aside.
- Using small cookie cutter in the shape of heart, cut out the hearts and place them on the tray. Don’t waste any batter, pick up leftovers, kneed, press with your palms and you will be able to cut out at least a few more hearts.
- Place them in the freezer until firm.
- Then melt the chocolate (or candy coating) and line another tray with parchment paper.
- Using a fork, dip each heart into melted chocolate to cover completely. Gently tap the fork to drip of the excess of chocolate. (Since the peanut butter mixture softens really fast at the room temperature, I suggest you to take just a few hearts at the time from the freezer, because it’s easier to work with the firm hearts!!!) Place chocolate covered hearts on the parchment paper lined tray. Refrigerate until chocolate has set.
- Store in the fridge or freeze for longer storage.
Notes
The number of hearts depends on the size of your cookie cutter. Mine was about 1 ½ inches and I made about 30 hearts.
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