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!
CHOCOLATE TURTLE APPLE SLICES
Chocolate Turtle Apple Slices are thick slices of Fuji apples covered in melted chocolate, drizzled with caramel and topped with nuts.
Happy Fall y’all! I can’t believe it’s already here. I’m so excited for cooler weather and all the delicious Fall flavors!
That brings me to today’s recipe which is made with one of the best fruits of Fall – APPLES! And what’s better than a candied apple!
Have you ever had a candy apple but wished there was a little more “candy” in each bite? Problem solved! These candy apples are covered with all of the ingredients in my favorite candy – chocolate turtles.
And I love that there are just 5 ingredients in this recipe. Keeping it simple is always the best way to go when possible!
All you will need to make these Chocolate Turtle Apple Slices is 2 large apples, 3 1/2 cups semi-sweet chocolate chips, 1 tablespoon coconut oil, 1 cup melted caramels and chopped pecans.
- 2 very large Fuji apples
- 3 1/2 cups semi-sweet chocolate chips I used Nestle
- 1 tablespoon coconut oil
- 1 cup caramels melted (I used Kraft caramels)
- Chopped pecans
- Popsicle sticks
Slice apples into 1/2" pieces. With a knife make a little slit in the bottom of each apple slice to make it easier to insert a popsicle stick.
Melt chips in the microwave on high for about 2 minutes.* Stir in coconut oil until smooth. Dip apple slices in chocolate and place on parchment lined cookie sheet.
Place caramels in microwave safe bowl and microwave on high for 45-60 seconds.* Do NOT overheat. Stir until smooth. Drizzle melted caramel over chocolate and sprinkle with nuts.
Refrigerate for about 1 hour. Serve and enjoy immediately. Apples are best the first day. Store in refrigerator.
*For best results, follow the chocolate chip package instructions for melting chocolate and same for caramel. Follow the caramel package instructions for melting caramels.
Note: If you're concerned about biting into an apple seed, just remove them before dipping the apple slice in chocolate.
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