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!
CARAMEL CHOCOLATE CHIP COOKIE BARS
CARAMEL CHOCOLATE CHIP COOKIE BARS
We are loving these gooey bars that are loaded with chocolate and caramel. We served them at the baby shower a few weeks ago for our cute cousin Kassia. They make a perfect dessert for a summer BBQ or a fun party!
INGREDIENTS
- 1 cup butter, unsalted
- 3/4 cup sugar
- 1 cup brown sugar
- 3 cups flour
- 1 teaspoon baking soda
- 1/2 teaspoon salt
- 2 eggs, large
- 1 tablespoon vanilla extract
- 1 1/2 cups mini chocolate chips, semi sweet
- 3 Hershey bars, 1.55 ounces each broken into pieces
- 11 ounces Kraft caramels, unwrapped
- 1/4 cup heavy cream
INSTRUCTIONS
- Make the caramel by adding unwrapped caramels and cream into a microwave safe bowl. Microwave at 20 second intervals stirring until all are melted and smooth. Set aside.
- Melt the butter in a saucepan over medium heat. Cook and stir often until it becomes brown in color, about 6 minutes. It will start to foam, then reduce down and then start to foam again. When it starts to brown, stir constantly so it doesn't burn. When it's done the foam is light brown. Remove from heat and let cool for about 5-7 minutes.
- Then pour butter into a large mixing bowl. Add sugar and brown sugar and mix with a hand mixer on low speed until combined. Set aside for a few minutes.
- In a medium bowl combine flour, baking soda and salt. Set aside.
- Add eggs into the cooked butter mixture and mix on low setting. Then add in vanilla extract.
- Add flour mixture with the wet ingredients and mix until combined. Stir in chocolate chips.
- Grease a 9 x 13 inch pan with non stick cooking spray.
- Press half of the cookie dough into the prepared pan. Go up the sides of the pan about 1/4 -1/2 inch. Spread and pat down the dough with hands until bottom of pan is completely covered.
- Pour the caramel mixture over the cookie dough. Place the Hershey bar pieces over the caramel layer.
- Place flattened pieces of the remaining cookie dough all over the chocolate pieces until mostly covered. (there will be spots that aren't covered).
- Bake at 350 degrees for about 30 minutes until golden brown. Cool and slice into bars.
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