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!
No Bake Mascarpone Fruit Tarts
No Bake Mascarpone Fruit Tarts made with a homemade graham cracker crust and layered with fresh berries. A super colorful and easy make ahead dessert!
These no bake fruit tarts are perfect for the warmer weather because they don’t require and oven and are super easy to make ahead. That means more time outside enjoying the weather.
Even though I opted for the mini tarts you can always use one big pie pan instead.
NO BAKE MASCARPONE CHEESE FRUIT TARTS RECIPE
No Bake Mascarpone Fruit Tarts made with a homemade graham cracker crust and layered with fresh berries. A super colorful and easy make ahead dessert!
INGREDIENTS
- 1½ cups crushed graham crackers
- 6 tablespoons unsalted butter, melted
- 1 tablespoon sugar
- ¾ cup heavy cream, chilled
- 1 cup mascarpone cheese
- 3 tablespoons sugar
- 1 teaspoon vanilla extract
- mixed berries for topping the fruit tarts
INSTRUCTIONS
- Add the graham cracker, butter and sugar to a medium bowl. Mix until the texture is similar to wet sand. Divide the crust between the tarts or use 1 regular pie pan instead. Press the crust down firmly and refrigerate for 1-2 hours to set. If you want to bake the crust place it in a 375 degree oven for 5-6 minutes or until golden brown.
- To assemble the filling add heavy cream to a stand mixer with the whisk attachment. Whip until cream forms soft peaks. Take out of the bowl and set aside.
- In the same bowl add the mascarpone cheese, sugar and vanilla to the stand mixer with the whisk attachment. Whisk until smooth and lump free.
- Fold in the whipped cream by hand into the mascarpone cheese mixture.
- Place it back on the stand mixer and whisk until combined and lump free.
- Carefully spoon the filling into the tarts. Place in the refrigerator for 1-2 hours to set.
- Top with fresh berries and serve immediately.
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