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!
PEANUT BUTTER CHOCOLATE CHIP CRUNCH COOKIES
If the idea of combining chocolate and peanut butter into crunchy peanut butter chocolate chip cookies creates an instant craving, you’re going to want to make these Peanut Butter Chocolate Chip Crunch Cookies as soon as possible!
Peanut Butter Chocolate Chip Crunch Cookies take the classic peanut butter and chocolate flavor combination and add some crunch with peanuts and toffee.
INGREDIENTS:
- 1 & 1/4 cups all-purpose flour
- 1/2 teaspoon baking powder
- 1/2 teaspoon baking soda
- 1/4 teaspoon salt
- 1/2 cup unsalted butter, softened
- 1/2 cup granulated sugar
- 1/2 cup firmly packed light brown sugar
- 1 large egg
- 1 teaspoon vanilla extract
- 1 cup crunchy peanut butter
- 1 cup semisweet chocolate chips
- 1/2 cup toffee bits
DIRECTIONS:
- Preheat oven to 350°F. Line baking sheets with parchment paper or silicone liners.
- Whisk together the flour, baking powder, baking soda, and salt. Set aside.
- Using an electric mixer on medium speed, beat the butter, sugar, and brown sugar until light and fluffy. Add the egg and vanilla, and mix well. Mix in the peanut butter.
- Reduce the mixer speed to low. Gradually add the flour mixture, mixing just until combined. Stir in the chocolate chips and toffee bits.
- Drop the dough by tablespoonfuls onto the prepared pans. Bake 12 to 15 minutes, or until lightly browned. Cool on the pan for 5 minutes. Then transfer the cookies to a wire rack to cool completely.
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