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!
Salted Caramel Brownies
These are every bit as rich, decadent, and indulgent as they look. A super thick and fudgy brownie filled with chocolate chips topped which a sticky layer of salted caramel. If you’re into ooey, gooey, and fudgy– you do not want to miss out on this recipe.
I mean, really. Stop what you are doing and make these brownies.
I adore this brownie recipe. Which says a lot, because anyone who knows me knows that I am a box-mix-brownie girl. But these brownies? I’d pick these over a box mix. Let’s talk about what makes them so thick and fudgy… basically, it comes down to using a few really good ingredients: butter, sugar, eggs, CHOCOLATE, a little bit of cocoa powder to intensify the flavor, and a little flour.
The proportions of the ingredients are really important to the fudginess of these brownies. You’ll see that compared to the amount of flour there is a LOT of butter and sugar. And no leavening agents at all like baking soda or baking powder. This makes the brownies very dense, exactly how I like them. This recipe also calls for both chocolate and cocoa powder. The chocolate (use a good quality baking chocolate if you can rather than chocolate chips) give these brownies that deep chocolate flavor intensified by the cocoa powder.
Over top of these deep, dark, luscious brownies I added caramel sauce with a sprinkling of sea salt. I used an Archer Farms brand of jarred dessert sauce I found at Target, but you could use any kind as long as it’s really thick. You don’t want an ice cream syrup, you want something that you can spread. Both Hershey’s and Smuckers caramel sauces are too thin for this recipe.
A great option for the caramel topping would be Nestle’s Duce de Leche, which you can usually find beside the sweetened condensed milk or in the Hispanic section of the grocery store.
If you can bear the wait, let the caramel topping sit on the brownies for a day or even just overnight (covered, of course). It will soak into the brownies a bit, making them even more moist and deliciously gooey than ever!
INGREDIENTS:
1 cup butter
4 ounces semi-sweet chocolate
2 cups sugar
4 eggs
1 1/2 cups flour
1/3 cup cocoa powder
1/2 tsp salt
1/2 cup semi-sweet chocolate chips
approximately 10 ounces caramel sauce
coarse sea salt
DIRECTIONS:
Preheat to 350ºF. Lightly grease a 9x9 baking dish.
Melt together the butter and the semi sweet chocolate. Let cool slightly.
Stir in the sugar and the eggs. Mix in the flour, cocoa powder, and salt. Fold in the chocolate chips.
Spread the batter in the prepared baking dish. Bake for 30-35 minutes until a toothpick inserted comes out mostly clean.
Let cool completely before topping with caramel sauce and sprinkling with sea salt.
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