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!
Nutella Cheesecake
This Nutella Cheesecake tastes like it came from a gourmet bakery. It’s decadent, creamy, and full of Nutella flavor.
Nutella and cream cheese blend perfectly together yielding an indulgent cheesecake that isn’t overly sweet.
This recipe is baked at a lower temperature so it remains silky and smooth. It practically glides across the tongue leaving you wanting more.
This Nutella Cheesecake tastes like it came from a gourmet bakery. It’s decadent, creamy, and full of Nutella flavor.
Ingredients- US Cups - Metric
- For the crust
- 2 and 1/2 cups fudge filled cookie crumbs about 30 sandwich cookies
- 6 tablespoons unsalted butter melted
- For the filling
- 24 ounces cream cheese softened
- 3/4 cup heavy cream
- 3/4 cup sugar
- 1 tablespoon vanilla extract
- 1/2 teaspoon salt
- 2 cups Nutella
- 4 large eggs lightly beaten
- For the glaze
- 1 cup Nutella
- 1/2 cup heavy cream
Instructions
- Make the crust
- Adjust the oven rack to the lower third position and preheat the oven to 350ºF. Wrap the outer bottom of a 9-inch springform pan tightly with aluminum foil. Combine the cookie crumbs and melted butter. Press the crumb mixture into the bottom and about 2-inches up the sides of the pan. Bake for 10 minutes. Set aside to cool while you make the filling.
- Make the filling
- Reduce the oven temperature to 300ºF.
- In a large mixing bowl beat the cream cheese, heavy cream, and sugar with an electric mixer until smooth and fluffy. Add the vanilla and salt, beat on low speed until smooth. Add the Nutella and beat until well incorporated. Scrape down the sides of the bowl as needed. Using a silicone spatula, gently stir in the eggs just until combined.
- Pour the batter over the crust in the prepared pan. Place the cheesecake inside a roasting pan. Fill the roasting pan with enough hot water to reach halfway up the sides of the cheesecake pan. (Alternatively, you can place the roasting pan filled with water on the lower rack of the oven.)
- Bake for 1 hour. Turn the oven off, leave the cheesecake in the water bath in the oven for another hour. The outer edges of the cheesecake should feel firm to the touch while the center remains jiggly.
- Remove the cheesecake from the water bath and run a small knife around the outer edge of the cheesecake to loosen it from the pan. Allow it to cool completely to room temperature. (The cheesecake should not feel the slightest bit warm.) Refrigerate the cheesecake overnight.
- Make the glaze
- Remove the sides of the pan and place the cheesecake on a wire rack set over a baking sheet.
- Bring the cream to a low boil over medium-low heat. Pour the warm cream over the Nutella in a medium bowl and stir to combine.
- Pour the glaze over the top of the cheesecake and use an offset spatula to smooth it over, allowing the glaze to run over the edge and down the sides of the cheesecake. Refrigerate for at least 1 hour or until the glaze has set.
- Make ahead tip
- The baked and chilled cheesecake will keep for up to 4 days covered tightly and stored in the refrigerator.
- The cheesecake will keep for up to 2 months covered tightly and stored in the freezer. Cut frozen and let the slices sit at room temperature for 15-30 minutes before serving.
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