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!
Coconut Cream Cheese White Chocolate Chip Cookies
Soft baked with a chewy centre and creamy flavour, these one bowl cookies are packed full of white chocolate chips and coconut.
I swear there aren't many more coconut recipes to come for a while. I haven't even blogged all of the ones I've made recently. I don't know what it is - only that every time I go looking for inspiration for a bake the jar of coconut on the side always catches my eye. I was choosing what cake to make last week when the same thing happened but seeing as I had already made these cookies I forced myself to choose another recipe.
Soft baked with a chewy centre and creamy flavour, these one bowl cookies are packed full of white chocolate chips and coconut.
Ingredients
- 85g butter, melted and cooled
- 85g cream cheese
- 1 tsp vanilla extract
- 1 large egg + 1 large yolk
- 150g soft brown sugar
- 60g dessicated coconut
- 285g plain flour
- 1 tsp baking powder
- 0.75 tsp bicarbonate of soda
- 200g white chocolate chips
Instructions
1. Set the oven to 180 C/160 C fan and line a baking sheet with baking parchment.
2. Whisk together the cooled melted butter with the cream cheese and vanilla extract. Mix in the egg and yolk followed by the sugar then the coconut.
3. Sift in the flour, baking poweder and bicarbonate of soda. Fold in until just combined followed by the chocolate chips, reserving a few for the top of the cookies if you wish. Chill the dough for a short while if it is very soft.
4. Place balls of dough on the bakng sheet leaving space in between them. Bake in the preheated oven for 8-10 mins depending on how crisp you like your cookies. Remove from the oven and leave in the tray for a few mins. Press each one slightly to flatten and press any reserved chocolate chips into the top.
5. When the cookies have firmed up enough, transfer to a wire rack to cool.
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