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!
Pistachio Thumbprint Cookies with Cream Cheese Filling and White Chocolate Drizzle
These cookies come from my Mom's neighbor, Cathy, who is known for her delicious food. I found the recipe in one of my Mom's neighborhood cookbooks. Cathy drizzles them with a semisweet chocolate glaze, but I was feeling like white chocolate.
Last year, I made these delicious Pistachio Pudding Cookies for St. Patrick's Day and this year I made these thumbprints, but you could really make these all year long and they are so pretty that they would look great on a Christmas cookie platter. Not that I want to get ahead of myself, we still have 9 1/2 months to think about that.
INGREDIENTS :
- 1 c. unsalted butter, softened
- 1/3 c. powdered sugar
- 1 egg
- 1 tsp. vanilla extract
- 1 tsp. almond extract
- 1 (3.4 oz.) box instant pistachio pudding mix
- 2 c. all-purpose flour
- 2 c. finely chopped pecans, for rolling
- Filling:
- 1 Tbl. unsalted butter, softened
- 2 oz. cream cheese
- 3/4 c. powdered sugar
- 1 tsp. vanilla
- a little milk, only if needed
- White Chocolate Drizzle:
- 1/2 c. white chocolate chips
- 1 tsp. shortening
INTRUCTIONS :
- Preheat oven to 350 degrees. For the Cookies: Cream together butter and powdered sugar until light and fluffy. Add the egg, vanilla and almond extract and mix until combined. Add the flour and dry pudding mix and mix until combined. Roll dough into 1 1/2-inch balls and roll in chopped pecans. Place on a lightly greased cookie sheet. Use the bottom of a round teaspoon and press into the top center of each dough ball (or you could use your thumb). Bake for 10-11 minutes. Remove from oven and press the teaspoon into the top again, because when you bake the cookies the indent fills in a little. Remove to a wire rack and cool completely. Makes around 22 cookies.
- For the Filling: Microwave the cream cheese for 15 seconds or so until very soft. Stir in the softened butter until smooth. Add the powdered sugar and vanilla and stir until very creamy. If mixture is too thick, you can add a little bit of milk until it reaches desired consistency. Filling should be the consistency of a very thick glaze. Divide filling between cooled cookies and drizzle with melted white chocolate. Store cookies in the refrigerator until ready to serve.
- For the Drizzle: Combine white chocolate chips and shortening and microwave for one minute or until melted, stirring every 30 seconds. Use a fork and drizzle over the top of the filled cookies.
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