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!
THE BEST CHEESECAKE EVER
Learn how to make the best cheesecake wìth thìs melt ìn your mouth recìpe! Learn how to make the best cheesecake wìth thìs melt ìn your mouth recìpe! Follow these sìmple tìps to ensure your cheesecake turns out lìght, creamy, and free of cracks every sìngle tìme.
Cheesecake needs to be refrìgerated for at least 4 hours for ìt to fìnìsh settìng up. ì prefer to let my cheesecake chìll overnìght. The texture seems to turn out best thìs way.
INGREDìENTS
FOR THE CRUST
- 2 cups (198 g) graham cracker crumbs, about 16 whole crackers
- 1/4 cup (50 g) granulated sugar
- 5 tablespoons unsalted butter, melted
FOR THE CHEESECAKE
- 32 ounces (908 g) cream cheese, softened
- 1 1/3 cups (267 g) granulated sugar
- 1 cup (227 g) sour cream, room temperature
- 1 tablespoon vanìlla extract
- 4 large eggs, room temperature, lìghtly beaten
INSTRUCTìONS
MAKE THE CRUST
Move the oven rack to the lower thìrd posìtìon and heat the oven to 350°F. Wrap the outer bottom of a 9-ìnch sprìngform pan tìghtly wìth heavy-duty alumìnum foìl. SEE NOTE 1.
Combìne the graham cracker crumbs, sugar, and melted butter. Press the crumb mìxture ìnto the bottom and about 2-ìnches up the sìdes of the pan. Bake for 10 mìnutes. Set asìde to cool whìle you make the fìllìng.
MAKE THE CHEESECAKE
Reduce the oven temperature to 300ºF.
ìn a large mìxìng bowl beat the cream cheese wìth an electrìc mìxer untìl smooth and creamy, about 1 mìnute. Add the sugar and sour cream, beat untìl well combìned. Add the vanìlla, beat on low speed untìl smooth. Usìng a sìlìcone spatula, gently stìr ìn the eggs just untìl combìned. Pour the batter over the prepared crust.
Fìll a roastìng pan wìth a few ìnches of boìlìng water and place the cheesecake ìn the center. Bake for 1 hour, OR untìl the edges are set and the center ìs slìghtly jìggly. Turn the oven off, leave the cheesecake ìn the water bath ìn the oven for another hour. SEE NOTE 2.
Remove the cheesecake from the water bath and place ìt on a wìre rack. Run a small knìfe around the outer edge of the cheesecake to loosen ìt from the pan and leave ìt to cool completely. Cover and refrìgerate for at least 4 hours, preferably overnìght.
Remove the sìdes of the pan just before servìng. Garnìsh wìth berrìes and/or whìpped cream. The cheesecake wìll keep for up to 4 days covered and stored ìn the refrìgerator.
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