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!
Flourless Chocolate Brownie Cookies {naturally gluten free recipe}
Crispy and chewy at the same time, intensely chocolatey and rich, these cookies are closer in flavor to a brownie than a traditional cookie. I was craving something sweet and chocolate this weekend, but I didn’t want to spend a whole lot of time baking.
I’ve had this recipe saved to try for a while now and this was the perfect opportunity to try it out. It only took a few minutes to whisk the batter together and these cookies were in the oven in very little time at all. For the chocolate lover in your life, these cookies are the ultimate treat!
Ingredients
- 3 cups powdered sugar
- 3/4 cups dutch process cocoa powder
- 1 teaspoon kosher salt
- 2 large egg whites
- 1 large egg
- 2/3 cup bittersweet or semi-sweet chocolate chips
Instructions
- Preheat the oven to 350 degrees. Whisk together the dry ingredients and add the eggs. Whisk again until smooth. (Using an electric mixer will make this even easier, but it's simple enough by hand as well.) Stir in the chocolate chips.
- Drop by tablespoons onto a parchment lined baking sheet. Bake 12 minutes, until the cookies are just set. They should be puffy and cracked across the top. Let cool for 2 minutes on the baking sheet before transferring to a wire cooling rack. Let cool completely before storing in an airtight container. Enjoy!
Notes
These cookies are almost ridiculously easy to make. Whisk together the cocoa and the sugar, add a pinch of salt and then whisk in the eggs. Toss a handful of chocolate chips in right at the end and you're done. The batter will be more liquid than traditional cookie dough, but don't worry, it works.
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