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!
German Chocolate Cookies
German Chocolate Cookies feature a homemade ultra soft, chewy, and gooey double chocolate cookie loaded with a flavorful coconut pecan topping. Amazing!
I’ve seen German Chocolate Cookies a few times on Facebook. Each time I saw a recipe I made a mental note to add it to my “to bake” list.
Unfortunately most of the recipes I kept seeing involved cake mix. Now, I have nothing against cake mix on a moral level. Sometimes you just gotta take a shortcut.
Ingredients
- For the cookies
- 1 1/4 cups (5.6 ounces) all-purpose flour
- 1/3 cup unsweetened Dutch-process cocoa powder
- 1 teaspoon baking powder
- 1/4 teaspoon salt
- 1 stick (4 ounces) unsalted butter, at cool room temperature
- 3/4 cup lightly packed dark brown sugar
- 1/4 cup granulated sugar
- 1 large egg
- 1 large egg yolk
- 1/2 teaspoon vanilla extract
- 1 cup semisweet chocolate chips
- For the topping
- 1/2 cup evaporated milk
- 1/2 cup granulated sugar
- 1 large egg yolk
- 4 tablespoons (2 ounces) unsalted butter
- 1/2 teaspoon vanilla extract
- 1/2 heaping cup sweetened shredded coconut
- 1/2 cup chopped pecans
- 2 ounces semisweet chocolate, melted
Directions
- For the cookies:
- Preheat the oven to 350°F. Line baking sheets with parchment paper or silicone baking mats.
- In a medium bowl, sift together the flour, cocoa powder, baking powder, and salt.
- In the bowl of an electric mixer, beat the butter, brown sugar, and granulated sugar on medium-high speed until well combined and smooth. Add the egg, egg yolk, and vanilla and beat until combined. On low speed gradually add the flour mixture. Fold in the chocolate chips with a rubber spatula.
- Using a medium spring-loaded cookie scoop, drop the dough by 1 1/2 tablespoon rounds onto the prepared baking sheets
- Bake for about 10 minutes, or until the cookies are set. Let cool on baking sheets for 10 minutes before removing the cookies to wire racks to cool completely.
- For the topping:
- In a small saucepan set over medium heat combine the milk, sugar, egg yolk, and butter. Cook, stirring frequently, until the mixture has thickened, about 10 minutes. Remove from heat and stir in the vanilla, coconut, and pecans. Let cool until thick enough to spread on top of the cooled cookies.
- Drizzle the melted chocolate all over the cookies. Let everything set for at least 15 minutes before serving. Cookies are best served the day they’re made.
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