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!
Strawberries and Cream Scones Recipe
Sweet, fruity, buttery perfection in every bite. Warm from the oven… with a hearty drizzle of vanilla cream… cup of coffee at your fingertips… can you think of anything better?
A few things about these ingredients!- Your butter needs to be COLD, baby. My advice? Pop that stick of butter in the freezer for a few minutes. Cold butter = tender, flaky scones.
- Quarter your strawberries. I know it’s tempting to chop them up into tiny little pieces… but trust. Larger chunks just work better in this recipe.
- Please (please please please) follow this ingredient list and recipe to a T. I know how fun it can be to experiment with a recipe, but scones are finicky little pastries and any improvisations may lead you into not-so-delicious territory.
Strawberries and Cream Scones Recipe
Classic and crumbly fresh strawberry scones topped with vanilla cream. Even scone haters LOVE these.
Ingredients
- 2 1/2 cups all-purpose flour
- 1/2 teaspoon salt
- 2 teaspoons baking powder
- 1/2 teaspoon baking soda
- 1/3 cup granulated sugar
- 1 stick (4 ounces) unsalted butter, VERY cold and cut into tiny pieces
- 1 large egg
- 1/2 cup whole milk
- 2 tablespoons heavy cream
- 1 cup fresh strawberries, hulled and quartered
For the egg wash:
- 1 large egg, beaten
- 1 teaspoon milk or water
- 2 tablespoons sugar, for sprinkling
For glaze:
- 2 tablespoons heavy cream
- 3/4 cup confectioners’ sugar
- 1 teaspoon vanilla extract
- Tiny pinch of salt (1/8 teaspoon or less)
Instructions
- Preheat oven to 400°(F). Line a large baking sheet with parchment paper; set aside.
- In a large bowl combine flour, salt, baking powder, baking soda, and sugar; mix well to combine.
- Cut the butter into small cubes then work it into the mixture (using your fingers, two forks, or a pastry cutter) until lit resembles a coarse meal.
- In a small bowl whisk together the egg milk, and cream. Add to flour/butter mixture and use a fork to stir everything together until just moistened.
- Add strawberries and using a rubber spatula gently fold them into the dough. Don’t worry if some of the berries break up a bit.
- Empty the loose dough out onto a clean, floured work surface, then shape the dough into an 8-inch circle. *You may need to knead the mixture a few times to get it to a workable texture.
- Cut the dough into 8 wedges and carefully transfer them to the prepared sheet, placing them 2″ apart.
- Lightly brush each scone with the egg wash, then sprinkle the tops with sugar.
- Bake for 18 minutes, or until light golden brown.
- Allow scones to cool for 10 minutes on the baking sheet. In the meantime you can make your glaze.
- For the glaze:
- In a small bowl whisk together the heavy cream, confectioners’ sugar, vanilla, and salt. Drizzle over semi-warm scones and serve at once.
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