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!
Strawberry Shortcake Stuffed Golden Oreo Truffles
Strawberry Shortcake Stuffed Golden Oreo Truffles
Strawberry shortcake truffles made with Golden Oreo cookies and cream cheese. The dough balls are stuffed with fresh strawberries and whipped cream then dipped into melted white chocolate. A simple and fun way to enjoy the classic strawberry shortcake.
Strawberry Shortcake Stuffed Golden Oreo Truffles
Prep Time 30 mins
Resting Time 30 mins
Total Time 1 hr
Course: Dessert
Cuisine: American, Holiday
Keyword: oreo truffle recipe, truffle white chocolate
Servings: truffles
Calories: 178 kcal
Ingredients
- 4 ounces cream cheese softened
- 20 Golden Oreos
- 8 ounces white chocolate coarsely chopped or white candy melts
- 1/2 cup whipped cream whipped to stiff peaks kept very cold
- 3 fresh strawberries finely chopped
Toppings:
- sprinkles
- 1 crushed Golden Oreo cookie minus the filling
Instructions
- Crush entire Oreo cookies (with filling) in a food processor. Add cream cheese and mix until a dough forms.
- Refrigerate for 20 minutes if the dough is too soft.
- Line two baking sheets or flat plates/tray with parchment paper. Set aside.
- Using a measuring spoon, scoop out 1/2 tablespoon of oreo mixture. Roll into a ball and flatten. Add about 1/8 teaspoon of very cold whipped cream and another 1/8 - 1/4 teaspoon of finely chopped strawberries. Scoop another 1/2 tablespoon of Oreo mixture on top and roll into balls.
- Place Oreo ball on the prepared plate and immediately freeze each truffle as you form them. Repeat with the rest of the Oreo balls and add to the plate in the freezer.
- On a double boiler, melt chocolate according to package directions.
- Remove 1 truffle from the freezer at a time - try to use the truffle you froze first. Pick up truffle with a fork and dip in melted chocolate, gently tapping your hand holding the fork to remove excess chocolate..
- Place on the other lined baking sheet - use a toothpick to help remove truffle from fork if needed. Top with sprinkles and crushed oreo cookies while the chocolate is still wet.
- Immediately refrigerate truffles as you work with them for at least 10 minutes so the chocolate sets. Repeat with the remaining truffles.
- Store in fridge until ready to serve up to 5 days.
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