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!
Oreo Milkshakes
This classic Oreo Milkshake is quite simply one of the best desserts ever!
So today’s post doesn’t really need a recipe. I mean, I’ve included one just for the sake of including one, but it’s really just 2 ingredients. Oreos and vanilla ice cream. How can you go wrong here?? It’s not like you can mis-measure the amount of baking powder or accidentally use cayenne pepper instead of paprika…it’s 2 ingredients, people!
Ok, I guess 3 if you count the splash of milk. Although, truthfully, you could probably let the ice cream melt a bit and then you wouldn’t need the milk. No matter how you do it, these Oreo Milkshakes are a classic American treat!
I have really fond childhood memories of Oreos. We almost always had a tin of them stuck in the cabinet that was just a little higher than I could reach. (In hindsight, it’s probably no coincidence that my Mom kept the tin in a cabinet that I couldn’t quite reach…) The tin was all black with a red poinsettia painted on top. It looked like one of the tins you see for Christmas cookies, but all I know is that it held Oreos. Lots and lots of delicious Oreos. And whenever my Dad would reach up and pull down that tin, I knew good things were coming!
Speaking of childhood and Oreos, I used to take a bowl and add a scoop of vanilla ice cream and 2 Oreos. Then I’d use my spoon to break apart the Oreos and ice cream. 2-3 minutes of vigorous stirring later, I had something akin to soft serve ice cream full of crumbled Oreos. I remember it used to make my parents so mad when I’d sit there and stab and stir at my ice cream. Stab. Stir. Stir. Stab. But it was so darned good that way! (And I’m not gonna lie, I still do that from time to time even though I’m all “grown up” now.)
With this delicious Oreo Milkshake, there’s no need for stabbing or stirring. Or poking or prodding for that matter. Nope, I just let the blender do all of the hard work! So here’s to perhaps the easiest recipe I’ve ever posted on Spiced. Vanilla ice cream + Oreos = Nirvana (and no, not the band, people)!
Ingredients
- 10 Oreo cookies, divided
- 3 cups vanilla ice cream
- ¾ cup milk
- chocolate syrup, to garnish glass
- whipped cream (optional garnish)
Instructions
- Coarsely chop 3 of the Oreo cookies to use as garnish. Set aside.
- Combine the remaining ingredients (7 Oreo cookies, ice cream and milk) in a blender. Blend until smooth.
- Drizzle chocolate syrup down the sides of the glasses and immediately fill glasses with milkshake.
- Garnish with whipped cream (optional) and crumbled Oreos.
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