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!
GOOD HUMOR STRAWBERRY SHORTCAKE OREO TRIFLE
This post has gotten a nice amount of attention on Pinterest and a lot of questions 😉 Primarily- is it sweet? Short answer…yup. Very sweet. SWEEEET. Ideas if you aren’t into the sweetness of the strawberry pudding/strawberry cookie/strawberry topping 1- change the pudding to vanilla 2- add fresh strawberries 3- maybe try lemon or banana pudding to make a diff variation 4- make a homemade strawberry pudding with fresh strawberries
I love this recipe and it’s my sister’s favorite BUT if you don’t like sweety-sweet, maybe try some of the other recipes on the site or one of the variations 🙂
Good Humor's Strawberry Shortcake Bar turned into a trifle! Layers of NEW strawberry shortcake Oreos and creamy strawberry pudding topped with a tasty crumb topping. Simply sweet and perfect for summer dessert fun.
Ingredients
- For the topping:
- 1 3 oz pkg strawberry gelatin mix
- 1/2 cup unsalted butter, softened
- 1 3 oz pkg vanilla instant pudding mix
- 1 cup all purpose flour, divided
- For the trifle:
- 3 1/2 cups 2% milk
- 2 pkg instant strawberry pudding mix
- 1 pkg (8oz) cream cheese, softened
- 1/2 cup butter, softened
- 1/2 cup powdered sugar
- 1 tub whipped topping
- 1 1/2 pkgs Strawberry Shortcake Oreos, crushed
- For the whipped cream:
- 1 1/4 cups heavy cream
- 1/4 cup powdered sugar
- 1 tsp vanilla extract
Instructions
- For the topping:
- In a small bowl, combine the strawberry gelatin mix, 4 tbsp butter, and 1/2 cup of flour. Using a fork, mix the ingredients until a crumble forms. The mixture should look uniform. In another bowl, repeat the same steps with the vanilla pudding.
- Spread both crumbles onto a parchment lined baking sheet. Bake at 350 degrees for 10 minutes. Check half way through to make sure it doesn't burn. Let the mixture cool completely and then mix it slightly to combine the flavors/colors.
- For the trifle:
- In a medium bowl, whisk the milk and pudding mix for 2 minutes and set aside.
- In a large bowl, beat the cream cheese, butter, and powdered sugar until smooth. Stir in the pudding mixture until well blended.
- Fold in the whipped topping until fully incorporated.
- Place half of the cookies in a trifle dish and then top it with half of the pudding mixture. Repeat the layers. Place in the fridge while you make the whipped cream.
- For the whipped cream:
- In a bowl with a mixer beat the heavy cream until it starts to thicken and bubbles form. Add in the powdered sugar and vanilla. Continue to beat until stiff peaks form.
- Spread the trifle with all of the whipped cream, and then top that with the strawberry-vanilla crumbs.
- Refrigerate until ready to serve.
Recipe Notes
Recipe for topping mixture by Deliciously Sprinkled. You will have leftover crunch topping which you can use later on ice cream or pudding!
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