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!
Double Chocolate Red Velvet Chess Bars
Double Chocolate Red Velvet Chess Bars – Red velvet cake is almost like a religion in the South. It’s a dessert that’s revered far and wide and there are no shortage of tasty variations of red velvet to tantalize your taste buds. Everywhere. Chess bars aka gooey butter cakes, are also a time held traditional favorite and so easy to make. They differ from the original gooey butter cake which hails from St Louis MO, in that they begin with a dry cake mix. I have made a red velvet version but frankly wasn’t over joyed with the results. Something was missing. I decided to try a batch adding chocolate to the filling and with this one change it took them over the top.
Ingredients
- Crust:
- 1 16.25 oz box red velvet cake
- 1/2 cup butter melted
- 1 large egg
- Filling:
- 1 8 oz cream cheese, softened
- 1 16 oz powdered sugar
- 1/2 cup butter melted
- 3 large eggs
- 2 oz unsweetened chocolate chopped, melted and cooled slightly
- whipped cream for serving optional.
Instructions
- Preheat the oven to 350°F. Liberally spray a 9 x 13-inch non stick metal baking pan with cooking spray. Set aside.
- In the bowl of a stand mixer, beat together the cake mix, 1/2 cup melted butter and 1 large egg. Beat until fully moistened. Press into the bottom of the pan.
- In the same mixing bowl whip together the softened cream cheese, powdered sugar and melted butter until creamy
- Add the eggs one at a time beating well after each addition. Stop and scrape the sides of the bowl as needed.
- Add the melted chocolate to the creamed mixture. Beat for one minute or until fully combined.
- Pour the filling over the crust. Bake for 40-50 minutes until the center still moves when gently shaken.
- Cool on a baking rack in the pan. Store chilled.
- Bring to room temperature prior to serving topped with a dollop of whipped cream, if desired,
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