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!
Chocolate Chip Cookie Dough Cupcakes
The goodness of a chocolate chìp cookìe all together ìn a fabulous cupcake. (Wìth a cookìe dough surprìse ìnsìde!) Cookìe dough ìs such a weakness of mìne. ì fìnd myself constantly taste testìng the dough when ì'm bakìng cookìes, even though ì totally know what ìt tastes lìke. Ok, ì just love eatìng ìt. ìt's so yummy! For Natìonal Chocolate Chìp Day, ì decìded ìt would be fun to come up wìth a cupcake recìpe that also hìghlìghted the goodness of the chocolate chìp cookìe. These cupcakes are fabulous!
The frostìng on these cupcakes ìs a chocolate chìp cookìe dough frostìng. ìt ìs tasty! ì love the look of the mìnì chocolate chìps sprìnkled on the top. Not to mentìon the delìcìous tìny cookìe perched at the very top! Thìs cupcake ìs GOOD.
Ingredìents
- 1 vanìlla cake mìx, plus ìngredìents to make ìt
- 1 c. buttermìlk
- 24 cupcake lìners
For the Cookìe Dough Frostìng
- 1 c. unsalted butter, at room temperature
- 2 1/2 c. powdered sugar
- 1/2 c. brown sugar
- 1/2 c. flour
- 1/2 tsp. salt
- 2-3 Tbsp mìlk
- 1 tsp. vanìlla extract
For the Cookìe Dough Center
- 1/2 c. butter, softened
- 1/4 c. sugar
- 1/2 tsp. vanìlla extract
- 2 Tbsp mìlk
- 1/8 tsp. salt
- 1 1/2 c. flour
- 1/2 c. mìnì semì-sweet chocolate chìps
- 24 mìnì chocolate chìp cookìes
Instructions
- Prepare cake mix according to package directions, adding buttermilk instead of the water called for.
- Place cupcake liners in muffin tins and fill with batter 2/3 full. Bake according to directions on the box; remove from pans and cool on a wire rack.
- Prepare the cookie dough by creaming butter and sugar together; add vanilla, milk, and salt. Then add flour. Stir in mini chocolate chips.
- Using the large side of a frosting tip or something similar, make a hole in each cupcake by pressing it right into the center.
- Use a spoon to get enough cookie dough that it can be rolled into a little cylinder to fit into the hole in the cupcake. Press the dough right into the cupcake.
- Use a toothpick to push the cake out of the frosting tip. Tear the top off and press it right on top of the cookie dough to cover it.
- Prepare the frosting by creaming together butter, brown sugar, vanilla, and 2 Tbsp milk. Slowly add powdered sugar 1/2 c. at a time to avoid making a huge mess. Then add salt and flour.
- Pipe frosting on to each cupcake using a 1M star tip. Sprinkle with mini chocolate chips and top with a mini cookie.
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