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!
Unicorn Cookie Cake Toppers
Unicorn Cookie Cake Toppers
To make the Unicorn Cookie Cake Toppers, you’ll need:
- parchment paper
- 1 batch of your favorite sugar cookie dough
- rolling pin
- 3-inch unicorn cookie cutter
- 4 1/2-inch wooden skewers
- cornstarch or powdered sugar for dusting work surface
- white fondant (about 6 oz. for 1 dozen cookies)
- pink fondant (or any color of your choice)
- knife or cutting tool
- piping gel
- small food safe paint brushes
- fondant smoother
- toothpick
- edible gold luster dust
- vodka or lemon extract
- edible marker
- Preheat oven according to your recipe. Line a large cookie sheet with parchment paper. Roll cookie dough to 1/4-inch thick and cut out unicorns with cookie cutter. Place on prepared baking sheet, about 1-inch apart. Insert skewers about 1-inch into the unbaked cookies. (I like to insert the blunt end of the skewer into the cookie. This way the pointed end can be used to poke the cookie topper into the cake later.) Bake according to your recipe. Let cool completely before decorating.
- Roll out white fondant to 1/8-inch thick. Cut out a unicorn shape using the same unicorn cookie cutter. Cut off horn section as shown in photo. Brush a thin coating of piping gel onto the cookie. Apply the fondant unicorn cutout to the cookie. Smooth gently with a fondant smoother. Cut horn section in half, lengthwise. Roll and taper the end of each piece with your fingertips. Twist together to form the horn. Apply to cookie with piping gel. Repeat for each cookie.
- For the mane and tail, form 1/4-inch by 1/2-inch logs of pink fondant. Roll and taper them at one end with your fingertips, then curl the tapered ends. Apply the curls to the cookies with piping gel. Add lines to the mane and tale by gently pressing with a toothpick.
- For the ear, make a 1/4-inch triangle for each unicorn. Press the end of a small paintbrush into the triangle to form an indent in the ear. Apply with piping gel.
- Let cookies dry at least 30 minutes. Mix edible gold luster dust with a bit of vodka or lemon extract to form a paint. Paint the horn, hooves and muzzle of each unicorn. (This may require 2 coats.) Draw the eyes with an edible marker.
- full recipe: http://www.browniemischief.com/home/tutorials/unicorn-cookie-cake-toppers
The mini cakes pictured above are 3-inch rounds of vanilla confetti cake layered with pink vanilla buttercream. I used Americolor Soft Pink gel food color to achieve the pretty pink buttercream.
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