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!
Edible Cookie Dough
Edible cookie dough made with toasted flour and no eggs so that you can enjoy it with a spoon without worry! Cookie dough made 4 different ways — traditional chocolate chip, peanut butter chocolate chip, sprinkle cookie chocolate chip, and Cookies & Cream — for a variety of ways to enjoy this cookie dough! Try your own add-ins and let me know what your favorite is!
Edible Cookie Dough RecipeThis recipe makes enough for a "full batch" of cookie dough, or enough to feed 8 people easily (it's quite rich!). It's enough to add four different add-ins easily, but the recipe works well cut in half, too!
Ingredients- 1 3/4 cup + 2 Tbsp all-purpose flour (230g)
- 1 cup unsalted butter softened to room temperature! (226g)
- 1 1/2 cup brown sugar, tightly packed (250g)
- 1/4 cup sugar (50g)
- 1 teaspoon vanilla extract
- 1/2 teaspoon salt
- 2 Tablespoons milk*
- 1/2 cup chocolate chips (85g)
Toppings- 2 Tablespoons creamy peanut butter
- 2 Tablespoons colored sprinkles
- 1/4 cup broken Oreo pieces
Instructions- Preheat your oven to 350F. Line a cookie sheet with parchment paper and spread flour in an even layer over the parchment paper.
- Bake on 350F (72C) oven for 5-7 minutes, use a thermometer to check that temperature has reached 160F (72C) immediately after removing from oven (make sure your thermometer is inserted in the flour and isn't touching/reading the temperature of the pan
- Once flour has reached 160F (72C) allow it to cool and run it through a sifter to break up any clumps that may have formed while baking. Set aside.
- In a large bowl using an electric mixer, beat together softened butter and sugars. Beat well until creamy.
- Add vanilla extract and salt, stir well.
- Gradually add cooled, sifted flour mixture, stirring until completely combined.
- If the dough is not the desired consistency and is too crumbly, add 2 Tablespoons of milk.
- Stir in chocolate chips.
- For additional toppings, evenly divide cookie dough into four bowls. Stir sprinkles into one, creamy peanut butter into another, and Oreo cookie crumbs into the last. Have fun playing with your own toppings and add-ins, I'd love to know what you come up with!
- Store cookie dough in an airtight container in refrigerator. Cookie dough will harden as it sits, so allow it to come to room temperature before serving leftovers.
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