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!
MINI BERRY TARTS
This recipe has a major shortcut, and I am not ashamed… it’s refrigerated cookie dough. One tube makes quite a few tart shells (about 40), so I usually use a whole tube, and freeze any shells I don’t need to use right away. Then when I need a quick dessert, I pull out the shells from the freezer, whip up the filling and top with the berries.
These can be made ahead of time, but the shell will soften up a bit after 24 hours in the refrigerator, so same day is best.
INGREDIENTS
- 1 16.5 ounce tube of refrigerated sugar cookie dough (I used Pillsbury)
- 8 ounces cream cheese, softened
- 2 tablespoons heavy cream
- 1 1/2 cups powdered sugar
- 1 teaspoon vanilla
- 1 quart of strawberries chopped into small pieces, or whole raspberries
INSTRUCTIONS
- Preheat oven to 350 degrees.
- Using a greased mini muffin pan, fill each section with a 1 inch ball of sugar cookie dough. I use a leveled off small scoop from Pampered Chef, which is 1 tablespoon.
- Bake the tarts for about 10-12 minute. When they come out of the oven, gently press down the center of the tart to make space for the cream cheese filling. I use the blunt end of my pizza slicer. There is an actual tool designed for this called a mini tart shaper, but even the end of wooden spoon would do the job.
- Allow the tarts to cool in the pan for 5 minutes and then gently twist to loosen the edges and remove from the pan to a cooling rack. The tart shells are much easier to remove from the muffin tin if they do not go over the edge of the pan when they bake. If yours are difficult to remove, try filling them with less dough, greasing more thoroughly, or allowing them to cool longer.
- FOR THE FILLING
- In a large bowl, beat the cream cheese and heavy cream with an electric mixer until fluffy and smooth.
- With the mixer on low speed, add the powdered sugar a little at a time until smooth and creamy.
- Beat in the vanilla extract.
- Fill a piping bag or ziplock bag with the filling mixture and pipe into each tart.
- Top with small pieces of strawberry, or a whole raspberry.
- Keep refrigerated until ready to serve.
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