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 BARS
Is your family like us in that we never need an excuse to make dessert? 😉 It might be a little worrisome, but it’s pretty upsetting to the kids if there isn’t a dessert after dinner. And I’m not talking about OUR kids. I’m talking about my parents’ kids… The ADULTS! It’s no secret that we have dessert after every wonderful Sunday meal… and weekday meals… and Friday night for funsies (we’re awesome like that!) Often, we have a birthday (or five), to celebrate that month, so we feel a little more justified in our sugar overloads (like we really need justification?)
May happens to be Carpenters month! My son was born in May so we celebrate with cake or cupcakes. But he was born on our anniversary, so we have to celebrate the day after with cookies or cake. A few days later is my birthday, so we do more celebrating with more treats, or in this case, scrumptious Strawberry Shortcake Bars (there may have been pazookie in there too)!
These Strawberry Shortcake Bars from Divas Can Cook are now a favorite among the adults. The super soft cake like crust perfectly combines with a light layer of cream cheese and whipped cream, topped with fresh cold strawberries. It’s heavenly! If that doesn’t sing “Happy Birthday to you”, I don’t
know what does!
INGREDIENTS
Butter Vanilla Cake:
- ½ cup butter, softened
- 1 cup granulated sugar
- 2 eggs
- 1 tsp baking powder
- ¼ tsp salt
- 1½ cup all-purpose flour
- ¾ cup milk
- 1 tsp pure vanilla extract
- 1 pint strawberries
Frosting:
- 8 oz cream cheese, softened
- ¼ - ½ cup powdered sugar
- 8 oz frozen Cool Whip
INSTRUCTIONS:
- In a large bowl, beat together sugar and butter until creamy. Mix in eggs, baking powder and salt. Alternate between adding in the flour and milk, beating after each addition. Beat until all ingredients are combined. Stir in vanilla extract.
- Pour batter evenly into a greased and floured a 9 x 13 inch baking dish.
- Bake at 350 for 18-20 minutes until a toothpick comes out clean. We sure not to over bake. Cake should be flat and light in color. Let cool completely. Set aside.
- Dice up strawberries and set aside.
- In a large bowl, cream together cream cheese, powdered sugar and frozen whipped topping. Evenly spread cream cheese mixture over top of cooled cake. Top with diced strawberries.
- Refrigerate for 3 hours.
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