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!
Samoa Doughnuts and Doughnut Holes!
This recipe marries my two very favorite treats: doughnuts and Samoas.
I know that there are those who say that the Thin Mint, Tagalong or even (gasp!) Trefoil rules—but, for me, it’s all about the Samoas.
Ingredients:
- 2 cups coconut
- one can (about 16 ounces) refrigerated biscuit dough
- vegetable oil
- 1 cup chocolate chips
- 11 ounces caramels
- 3 tablespoons milk
- 1/2 teaspoon kosher salt
Directions:
1. Pre-heat oven to 350. Line a baking sheet with parchment paper. Spread the coconut evenly on the prepared sheet and bake till deep golden brown, 10–20 minutes. Stir frequently so that the coconut colors evenly. Remove from oven and cool.
2. Heat two inches of oil in a large heavy pot over medium-high heat till it reaches 350 degrees. (If you don't have a thermometer, place an un-popped popcorn kernel in the oil; when it pops, the oil is ready.)
3. While the oil is heating, separate the biscuits and flatten slightly. Cut out 1 – 1 ½” holes in the center.
4. Fry the doughnuts a few at a time, turning after golden brown on the underside. Transfer to a wire rack set over a parchment-lined baking sheet to drain.
5. Melt the chocolate in the top half of a double boiler set over barely simmering water. Dip the bottom halves of the doughnuts and holes and return—chocolate side up—to the wire rack to set. Reserve the leftover chocolate.
6. In a large bowl set over barely simmering water, melt the caramels, milk and salt, stirring frequently. Dip the unglazed halves of the doughnuts and holes in the caramel and return—caramel side up—to the rack to set. Stir the coconut into the remaining caramel.
7. Use a small angled spatula to spread the coconut-caramel mixture on top of the doughnuts and holes. Transfer the reserved chocolate to a small Ziploc bag (if it has hardened simply re-warm it over your pan of simmering water). Snip a small opening in the corner and drizzle the chocolate over the tops. Let set.
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