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!
EASY TIRAMISU IN A JAR
Real deal tiramisu can be complicated and take forever, but my quick and easy version tastes seriously close to the original without all the fuss. So when you put such an esteemed food in a jar, the contrast of the dressed down container and the upscale dessert is pretty much perfection in my book. If you love tiramisu but the thought of making it scares you, then this recipe is for you!
These are so simple to make and are perfect to make the day before your event and let sit – because they only get better as the flavors blend together. And you don’t have to tell your guests how easy it is to make this tiramisu – it’ll be our little secret!
Easy Tiramisu in a Jar
Ingredients- white box cake mix plus ingredients on box (or from scratch recipe)
- 2 cups of brewed coffee cooled
- 1/2 cup Kahlua
- four 8 oz. packs of mascarpone room temperature
- 2 cups confectioners sugar
- 1 tablespoon vanilla extract
- 4 oz. semisweet bakers chocolate
Instructions- Preheat oven to 350 degrees (or temp on box) and make the box cake mix according to the directions. Spread mixture onto a sheet pan and bake for 25-30 minutes, until edges are lightly golden.
- Once the cake is cooled completely, take a small round cutter and a slightly larger round cutter and cut out pieces (just check your jar to make sure the pieces will fit into it - the one on bottom will be smaller than the top piece.) You'll need two pieces per jar - so 12 large and 12 small pieces. Put on another baking sheet and put them back in the oven for 12-15 minutes until somewhat dried out, the tops will be golden brown. Remove and completely cool.
- With an electric or stand mixer, mix together the mascarpone, confectioners sugar, and vanilla until completely combined.
- In a separate small bowl, mix together the brewed coffee and Kahlua. Starting with the small cake round, dip the cake into the coffee mixture, going just barely to the top of the round, then put it in the bottom of the jar. Spoon in some of the mascarpone mixture, then dip the larger round in coffee mixture, put it on top, top it with another layer of mascarpone mixture, then grate the chocolate on top.
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