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!
Perfect Chocolate Chip Cookies
Hey ya’ll! I have another chocolate chip recipe that I want to share with you and this is definitely another favorite, best-loved chocolate chip cookie to add to the blog. We can never have enough cookie recipes can we?? Nope!!
These perfect cookies are buttery, chewy, thick and chocked full of rich, semi-sweet chocolate chips. Absolutely divine!
Ingredients
- 1 1/2 cups all-purpose flour see notes below
- 1 teaspoon baking soda
- 1/2 teaspoon salt
- 1/2 cup unsalted butter see notes below, room temperature
- 1/2 cup firmly packed light brown sugar
- 6 tablespoons granulated sugar
- 1 large egg
- 1 teaspoon vanilla extract
- 2 1/4 cups semisweet chocolate chips I used Ghiradelli semi-sweet
Instructions
- Preheat the oven to 350°F and line 2 baking sheets with parchment paper or spray with non-stick spray..
- In a medium bowl, sift the flour, baking soda and salt together.
- In another large bowl, using an electric mixer at medium speed, beat together the butter, and sugars about 2 minutes and is smooth.
- Add the egg and vanilla and mix on low speed until mixed in.
- Gradually add the flour mixture and mix in until just incorporated. Do not keep mixing - do not overmix.
- Add chocolate chips and stir with a wooden spoon, again no overmixing, just until incorporated.
- Chill dough if dough is warm.
- Using a small or large ice cream scoop or heaping tablespoon, drop the dough onto the prepared baking sheets, 6 to 8 per pan, depending on size you are making.
- Bake the cookies, 1 sheet at a time, until the bottoms and edges are lightly browned and the tops feel firm when lightly touched,
- Small cookies bake 8-10 minutes
- Large cookies bake 10-13 minutes.
- Let the cookies cool for 5 minutes on the baking sheets, then transfer the cookies to wire racks to cool completely.
- Makes 18 -30 cookies depending on size.
Recipe Notes
Butter Tips: To avoid flat cookies: Be sure your butter is room temp (not melted or even softened), and try using cold/chilled dough if dough is warm: Just put it in the refrigerator to chill before baking.
Flour Tips: Don't over-mix cookie batter especially after the flour is added and add it gradually.
Make sure your baking soda is not expired.
Chocolate Chip Tips: If you're in chocoholic mode, go the full 2 1/4 cups of chocolate chips as the recipe calls out. If you want to tone down the chocolate chips, just use a lesser amount to your liking.
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