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!
Orange Sweet Rolls
Orange Sweet Rolls
My to-do list today looked something like this: clean the pantry for an upcoming photo-shoot. Organize the mess on top of my desk. Finish the laundry. Go to the grocery store. Decorate for Easter. Put away the 2T clothes still in Mia’s closet *sniff*.
See how productive I am in my head?
Know what I actually did? Yup. I made Orange Sweet Rolls.
I don’t know why I was so intent on making these – I’ve never really been an orange-roll kind of girl. I didn’t like the store-bought version, I always preferred the cinnamon rolls – but lately I’ve been obsessed with making them.
And the verdict? Pretty darn good. Even for a non-orange-roll kind of girl.
Sweet, citrus rolls are perfect for breakfast, brunch or dessert. Recipe source: Adapted from Kelsey Nixon
Ingredients
For Dough:
- 3 (.25 ounce) packets active dry yeast (2 and ¼ Tablespoons)
- 1 and ¾ cups warm water (approximately 110 degrees)
- ½ cup honey
- ½ cup melted butter
- 2 teaspoons salt
- 2 large eggs, beaten
- 4 to 6 cups flour, plus more if needed
For filling:
- ½ cup (1 stick) butter, at room temperature
- 1 cup sugar
- 3 Tablespoons freshly squeezed orange juice
For glaze:
- 2 cups powdered sugar
- 3 Tablespoons freshly squeezed orange juice
- ½ cup heavy cream (more as needed to reach desired consistency)
- 1 teaspoon orange extract (optional)
Instructions
- Preheat oven to 170 degrees, and then turn it off. You want a warm oven to help the dough proof.
- In the bowl of a stand mixer, combine the warm water and yeast. Allow it to sit for 5 minutes until yeast begins to bubble.
- Add the honey, melted butter, salt and eggs. Use a whisk to combine.
- Using the dough hook on your stand mixer, slowly add 4 cups of flour and beat to combine. Mixture will be wet.
- Then add ½ cup at a time until dough pulls away from sides of bowl but is still slightly sticky. This will be a wet dough, so don't add too much flour. Your finger should stick to the dough but shouldn't pull any dough away with it.
- Move dough to a well-oiled or buttered bowl. Cover with plastic wrap and place in warm oven. (Make sure the oven is off now!)
- Allow dough to double in bulk, which will take about 45 minutes.
- After dough has risen, punch it down and roll it in to a large sheet, approximately 16x24 inches.
- Spread filling (see below) over the dough, then tightly roll into a jellyroll shape, starting at the long end of the dough.
- Using string, floss or a sharp knife, cut into 1-inch pieces and place into a buttered 9x13 pan.
- Cover with a towel, and place back into warm oven. Allow to rise for a second time, about 20 minutes.
- Preheat oven to 375 degrees, and bake for 20-25 minutes or until golden brown.
- Drizzle glaze (see below) over the top of the warm rolls, and enjoy!
For filling:
- Combine all ingredients in a small bowl. Spread evenly over rolled dough.
For glaze:
- With a whisk, combine all ingredients until smooth. Glaze should be thin enough to pour, but thick enough to coat the back of a spoon. If necessary, add more cream or sugar to achieve desired consistency.
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