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!
THE BEST CHOCOLATE CHIP COOKIES
THE BEST CHOCOLATE CHIP COOKIES
Hi my name is Alessia, I am Cosette’s guest on the blog today. I’m also her daughter. I had ideas on what to write, and I chose to write about chocolate chip cookies. The next day after school, she asked me if I wanted to be her guest in the blog and I said yes.
WHY I CHOSE CHOCOLATE CHIP COOKIES
I like chocolate chip cookies because they have chocolate bits in them and when you take a bite you taste chocolate and cookie with butter. You could make it for special events or for fun. I think it is fun to make them with kids. Follow the recipe below and have fun!
Alessia, age 7
The BEST Chocolate Chip Cookies
After many tries and attempts on making chocolate chip cookies adjusting temperature, refrigeration/no refrigeration, various flours...these hailed to be the BEST! Hope you enjoy!
Course Baked Good
Cuisine Dessert
Prep Time 10 minutes
Cook Time 15 minutes
Servings large cookies
INGREDIENTS
- 1 1/2 cups unbleached all-purpose flour
- 1/2 cup spelt flour
- 1/2 tsp baking soda
- 1/2 tsp kosher salt
- 3/4 cup unsalted butter, melted
- 1 cup dark brown sugar, packed
- 1/2 cup granulated sugar
- 2 tsp vanilla extract
- 1 large egg
- 1 large egg yolk
- 1 1/2 cups dark chocolate chips
- Jacobsen Guittard Chocolate Salt or other finishing flake salt
INSTRUCTIONS
- Preheat oven to 325 degrees and line 2 cookie sheets with silicone or parchment paper.
- In a small bowl, combine flours, baking soda and salt. Whisk until combined.
- In the bowl of a stand mixer, combine melted butter and sugars. Mix on medium speed for 2-3 minutes until creamed.
- Add in egg + egg yolk + vanilla and continue to mix for another 2-3 minutes.
- Turn mixer to low and slowly add in flour mixture.
- Finally add in the chocolate chips.
- Using a 1/4 cup, scoop dough onto prepared cookie sheets. 5 cookies to a sheet, one in each corner and one in the center. Top with a pinch of finishing salt if you'd like.
- Bake for 15-18 minutes, until edges are crispy and center is still soft. Remove and let cool on rack. Enjoy!
RECIPE NOTES
Recipe adapted from:
http://allrecipes.com/recipe/25037/best-big-fat-chewy-chocolate-chip-cookie/
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