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!
Pumpkin Snickerdoodles
Pumpkin Snickerdoodles – Two of the worlds best cookies in one! Soft and tender and deliciously flavorful!
Pumpkin cookies meet snickerdoodles and they are out of this world delicious! You are going to want to eat all the cookies. It makes a big batch though, so I suppose you can share.
A few months ago I mentioned I had a new favorite fall cookie, these Pumpkin Oat Chocolate Chip Cookies. Well, now I have two favorite fall cookies. I seriously could not resist these! They are soft and chewy and full of all those delicious pumpkin pie spices. And when they are finished off with that light cinnamon sugar coating that gets lightly crispy as they bake to perfection you really will just fall in love.
INGREDIENTS :
- 3 1/4 cups all-purpose flour
- 3 1/2 tsp cornstarch
- 1 tsp cream of tartar
- 1 tsp baking soda
- 1/2 tsp baking powder
- 1/2 tsp (heaping) salt
- 1 1/2 tsp ground cinnamon*
- 1/2 tsp ground ginger
- 1/2 tsp ground nutmeg*
- 1/4 tsp ground allspice
- 1 cup granulated sugar
- 3/4 cup packed light brown sugar
- 1 cup unsalted butter , softened
- 1 large egg yolk
- 3/4 cup canned pumpkin puree
- 1 1/2 tsp vanilla extract
- For rolling
- 1/4 cup granulated sugar
- 1 1/2 tsp ground cinnamon
INTRUCTIONS :
- In a mixing bowl whisk together flour, cornstarch, cream of tartar, baking soda, baking powder, salt, cinnamon, ginger, nutmeg and allspice for 20 seconds, set aside.
- In the bowl of an electric stand mixer fitted with the paddle attachment, cream together butter, granulated sugar and brown sugar (not until pale and fluffy, just to combined.
- Occasionally scrape down sides and bottom of bowl throughout entire mixing process if not using a paddle attachment that constantly scrapes bowl while mixing). Mix in egg yolk, then mix in pumpkin and vanilla extract. With mixer set on low speed, slowly add in dry ingredients then mix until combined.
- Divide dough in half and place each half in a bowl, cover with plastic wrap and chill 45 minutes to 1 hour (dough should be slightly sticky so the cinnamon sugar will stick when rolling but they should be manageable to roll in the palms of your hands).
- Preheat oven to 350 degrees during last 10 minutes of refrigeration.
- In a small bowl, whisk together 1/4 cup granulated sugar with 1 1/2 tsp cinnamon.
- Scoop dough out 2 even tablespoons at a time (run the measuring spoon against side and edge of bowl so it will slightly deflate the dough while also giving an equal tbsp, twice per ball) and shape into a ball, roll dough ball in cinnamon sugar mixture to evenly coat then transfer to Silpat or parchment paper lined baking sheets spacing cookies 2-inches apart.
- Bake in preheated oven 12 - 14 minutes (they should look just slightly under-baked as they'll cook slightly once removed from oven). Cool on baking sheet about 5 minutes then transfer to a wire rack to cool completely.
- *These amounts have been doubled from the original recipe as several commenters said they didn't have enough spice flavor.
Recipe Adapted From
Pumpkin Snickerdoodles
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