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!
BROWNIE BOTTOM RASPBERRY CHEESECAKE
Brownie Bottom Raspberry Cheesecake is a sinful combination of chocolate and creamy raspberry cheesecake topped with chocolate ganache.
This Brownie Bottom Raspberry Cheesecake is so rich and sinful, but it’s worth every single calorie.
A chocolaty brownie bottom topped with a creamy New York style cheesecake that has been flavored with fresh lemon zest and a hefty amount of raspberry preserves.
We are not done yet!! A final layer of dark chocolate ganache and fresh raspberries tie this dessert together.
Brownie Bottom Raspberry Cheesecake is a sinful combination of chocolate and creamy raspberry cheesecake topped with chocolate ganache.
INGREDIENTS:
BROWNIE BOTTOM:
- 1 box brownie mix
- 3 eggs
- 1/4 cup water
- 1/3 cup vegetable oil
CHEESECAKE:
- 5 (8 ounce) packages cream cheese, softened
- 1 3⁄4 cups white granulated sugar
- 2 tablespoons all-purpose flour
- 1 1⁄2 teaspoons vanilla extract
- 4 eggs, room temperature
- 2 egg yolks, room temperature
- 1⁄3 cup sour cream
- zest of 1 lemon
- 1 cup raspberry preserves or raspberry sauce
CHOCOLATE GANACHE:- 2 cups finely chopped dark or semi-sweet chocolate
- 1 tablespoon light corn syrup
- 1 cup heavy whipping cream, hot
- GARNISH:
- 1 1/2 cups fresh raspberries
DIRECTIONS:
- Preheat oven to 325F.
- Grease a 9×3-inch springform pan and set aside.
- BROWNIE BOTTOM:
- Follow the instructions on the box, the ingredients amounts may differ.
- Add brownie batter to a greased 9×3-inch springform pan.
- Bake for 15-20 minutes, until the top is set, but not fully baked.
CHEESECAKE:
- Beat cream cheese, sugar, flour, and vanilla with an electric mixer until fluffy.
- Add eggs and egg yolks, beating on low speed just until combined.
- Stir in sour cream and lemon zest.
- Pour cheesecake batter into pan over the brownie bottom. Spread with a spatula.
- Scoop the raspberry sauce or preserves onto the cheesecake batter and gently stir to combine.
- Bake at 325 degree F for about 1-1/2 hours or until center appears nearly set and does not giggle when shaken.
- Cool for 15-20 minutes and using a knife loosen crust from sides of pan. Cool 30 minutes more, remove sides of pan.
- Cool completely before adding the chocolate ganache.
CHOCOLATE GANACHE:
- Add chocolate and corn syrup to a medium bowl.
- Pour hot heavy cream over the chocolate, let stand for 1 minute and using a spatula stir to combine. Stir well until all the chocolate melts and the mixture is shiny and smooth. If needed, microwave for 30 seconds to melt any remaining small lumps.
- Let cool to room temperature, but not to harden.
- Pour chocolate ganache over the cheesecake and distribute evenly using a spatula. Garnish with fresh raspberries.
- Chill cheesecake for 4 to 24 hours.
- Serve and enjoy!
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