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!
Gooey Chocolate Chip Cookie Bars
Gooey Chocolate Chip Cookie Bars are worth every calorie! These easy cookie bars start with the best chocolate chip cookie recipe and are filled with gooey chocolate and sweetened condensed milk. They’re a gooey bar from heaven!
I love my dog, I really do. She’s a total sweetheart. Ginger is a golden retriever and she’s 12 but you’d never know it unless you had to watch her go up the stairs at night. During the day? She has no problem bounding up and down, but by nightfall she regrets her decision to look for kleenex in every trash can in the house 10 times during the day.
Ginger is nothing if not quirky. She eats kleenex and napkins, will only shred paper towels and won’t touch toilet paper rolls. She doesn’t understand the end of Daylight Savings Time, so since October she whines from 4pm-5pm wondering why I haven’t fed her. And, when given a choice, she will sleep with her head on a pillow instead of flat on the ground.
My favorite chocolate chip cookie recipe made into a gooey bar. This bar cookie is off the hook amazing - gooey, chocolatey, and perfect!
INGREDIENTS:
- 1 cup unsalted Challenge Butter
- 3/4 cup granulated sugar
- 1 cup light brown sugar
- 2 large eggs
- 1 tablespoon pure vanilla extract
- 1 teaspoon baking soda
- 3 1/4 cups all-purpose flour
- 1/2 teaspoon salt
- 1 1/2 cups mini chocolate chips
- 1 14 ounce can sweetened condensed milk
- 1 4.4 ounce large Hershey bar (or smaller bars to make that same size)
INSTRUCTIONS:
- Melt butter in a saucepan over medium heat. Cook, stirring often, about 6 minutes, until it becomes brown in color. It will foam, reduce, then foam again. Once it’s done cooking the foam is a light brown and it will dissipate after you remove it from the heat. Once it starts to brown, keep stirring so it doesn’t burn. Let sit for about 5 minutes to cool.
- Pour into an electric mixer fitted with paddle attachment. While still hot, add both sugars and mix on low until combined. Let sit to cool for a few minutes.
- While butter mixture is cooling, combine flour, baking soda, and salt in a medium bowl. Stir and set aside.
- Turn mixer (with butter mixture bowl attached) on low. Add eggs, one at a time, mixing completely. Mix in vanilla extract. Add flour mixture to the wet ingredients and mix until combined. Stir in chocolate chips.
- Line a 9x13” baking pan with foil and spray with cooking spray for easy removal.
- Press half the cookie dough in the prepared pan. Pour sweetened condensed milk over the top of the bottom layer (be careful to leave about 1/4” edge around the pan so the milk doesn’t touch the foil), then break up the chocolate bar and drop pieces over the top. Break up the remaining cookie dough and place on top of milk. Press with your hands to flatten. It will mostly cover but not completely cover the bottom layer.
- Refrigerate pan for 30 minutes.
- Preheat oven to 350°F. Bake for about 30-35 minutes until the tops of the bars start to get golden brown. Cool completely before slicing into bars.
Recipe Adapted From
Chocolate Chip Cookie Gooey Bars
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