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!
Chocolate Chip Treasure Cookies
Chocolate chip treasure cookies are loaded with texture thanks to the coconut, walnuts, chocolate, graham cracker crumbs, and the special ingredient; sweetened condensed milk! These are so chewy, soft-baked, and super delicious. A fun twist to the classic chocolate chip cookie. They’re also great for allergies because they are egg-free.
I read other food blogs and I always think to myself that their life must me so exciting! Which maybe it is, maybe it isn’t, who knows?! All I know is that I like to keep this whole stay at home mom & mom think real around here. Which is why I just have to tell you about hands down the most embarrassing experience of my life 🙂
Chocolate Chip Treasure Cookies | Chocolate chip treasure cookies are loaded with texture thanks to the coconut, walnuts, chocolate,and the special ingredient; sweetened condensed milk! It's an egg-free cookie recipe that's so chewy, soft-baked and everyone's favorite.
Ingredients
- 1 1/2 cup graham cracker crumbs
- 1/2 cup all-purpose flour
- 2 teaspoons baking powder
- 1/4 teaspoon salt
- 1 can (14 oz) sweetened condensed milk
- 1/2 cup (1 stick) butter, softened
- 1 1/3 cup shredded, sweetened coconut
- 2 cups milk chocolate chips
- 1 cup chopped walnuts
Instructions
- Heat oven to 350 degrees. Prepare cookie sheets by spraying with cooking spray, using parchment paper, or a silpat liner.
- In a small mixing bowl, add graham crackers, flour, baking powder, and salt. Whisk to combine and set aside.
- In the bowl of a stand mixer, or use a handheld mixer, combine the sweetened condensed milk and butter. Beat together for 1-2 minutes until completely combined ad creamy. It will be chunky at first but as you beat it, it will smooth out.
- Add the bowl of dry ingredients, coconut, chocolate chips, and walnuts. Mix together, with the blender or a wooden spoon, just until combined.
- Roll dough into balls, about a heaping tablespoon size, and place on the cookie sheet. Bake for 8-10 minutes.
- Let the cookies cool for about 5 minutes before removing them to cool completely on a cooling rack.
- ** If your cookies did not spread much while baking, take the bottom of a glass cup and gently press down to form the cookie shape. This is the way we preferred the cookies **
Recipe Notes
I buy the box of graham cracker crumbs. Much easier! You'll find them in the baking aisle by the pie crusts and flours.
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