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!
Peach Hand Pies
Peach Hand Pies
Dessert is ready in 30 minutes with these Glazed Peach Hand Pies! The flaky crust and spicy cinnamon filling are the perfect combo in a hand pie, plus they’re baked not fried!
I’m often scrambling when my kids ask for dessert. Odd, right? You would think our house would have trays of cookies and cakes and fudge just laying around. But reality is, I usually only bake once a week. And it’s often around events, so that treats aren’t sitting around for me to eat. Especially during the school year when I’m home alone with dessert on the counter, begging to be eaten.
But in the summer, I find that with all the kids in and out during the day, the extra cookies and candies get eaten by others. So at dessert time, there is nothing but ice cream in the freezer.
INGREDIENTS:
- 2 boxes (14.1 oz each) refrigerated pie crust
- 1 can (21 oz) peach pie filling
- 1 tsp cinnamon
- 2 1/2 cups powdered sugar
- 1/4 cup milk
- 1 egg white, beaten
DIRECTIONS:
- Preheat oven to 425°F. Remove pie crusts from package and allow to come to room temperature while you prepare filling.
- Dump pie filling in a shallow bowl and dice peaches using a fork and knife (you want them to be small pieces). Add in cinnamon and mix until blended. Set aside.
- Unroll pie crusts and cut 6 circles from each crust using a 4-inch biscuit cutter. You may have to re-roll the scraps to get the 6th circle.
- Using a 1 tbsp cookie scoop, drop peach pie filling into center of each pie crust circle. Fold in half and pinch edges completely. Fold pinched edges over and press with the tines of a fork to seal. Poke hand pie with fork once, to prevent bursting.
- Beat egg white in a small bowl until frothy. Brush over the tops of each hand pie. Bake on a parchment paper lined baking sheet (1 inch apart) for about 15 minutes, until browned.
- While pies are baking, whisk together the powdered sugar and milk until smooth. Remove cooked pies from baking sheet and drop (while warm) into glaze, coating it completely. I use two forks to flip it in the glaze and remove carefully. Return to parchment paper and allow to set (about 5 minutes). ENJOY!
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