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!
Authentic Tiramisu Recipe from Italy
Authentic Tiramisu Recipe from Italy
This tiramisu recipe is my go-to, quick, easy, and delicious recipe for any occasion. This recipe actually comes from a friend of mine and her family near Avellino, Italy, who had invited our family to their home for lunch one afternoon.
AUTHENTIC TIRAMISU RECIPE FROM ITALY
30 min Prep Time
30 min Total Time
Ingredients
- 5C/1250 grams of Mascarpone
- 5 eggs separated (yolks only)
- 1 pound Savoiardi Ladyfingers
- 2 cups espresso, brewed and cooled. Instant is fine. Caffe D'Vita Imported Instant Espresso
- 5 tbsp white sugar C&H Sugar
- 4 tbsp Ghirardelli Unsweetened Cocoa
Instructions
- Make the espresso and set aside to let cool.
- Separate the eggs, and add only the yolk to a mixing bowl.
- Add the sugar to the mixing bowl, and mix the eggs and sugar by hand until the sugar is dissolved.
- Do not whip the eggs; you are not trying to get volume, only dissolve the sugar.
- Add in your mascarpone. Sometimes, it is easier to mix, little by little, due to the density of the mascarpone.
- Mix until you have all the mascarpone and egg mixture combined. You want the cream to be a light yellow color but not runny. If you over mix, the cream will become runny.
- Take out your ladyfingers, and get your dish ready. I use a Pyrex 3 Quart Baking Dish
... and yes, my family eats the whole pan! - If you want to use Kahlua, or any other liquor, add one shot glass to the cooled espresso (more or less depending on your taste.) Although I'm a huge Kahlua fan, I normally make this recipe without it. A great alternative is Kahlua flavoring so you get the taste without the liquor (for the kids.) We use Natural Liquor Essence (Expresso (Kahlua))
- Dip your ladyfingers, three at a time, into the espresso. You want them soft, and full of espresso, but not falling apart. I usually do a slow eight count while submerging them in the coffee.
- Lay them into your dish, snuggled up next to each other, in row. Fill the entire pan with a layer of ladyfingers.
- Add half of the mascarpone mixture on top of the ladyfingers, smoothing it out to make an even layer. Don't press, or put too much pressure on the mascarpone, or you will break apart the ladyfingers.
- Repeat the ladyfinger layer, and then add another layer of mascarpone on top.
- Once you have two layers, sprinkle cocoa powder on top. Cover in plastic wrap, and set in the fridge for at least four hours.
Cuisine: Italian Desert |
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