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!
SLUTTY BROWNIES
So let’s talk pure gluttony today!
I assure you nothing will get you there faster than these babies.
Sinful, rich, intoxicating… if these don’t satisfy a sweet tooth than, baby, you’ve got a problem 😉
Although the typical foodie loves a irresistible made-from-scratch dessert, these brownies are straight from a box. Yep, all three layers consist of boxed goodness we get from a shelf. Surely you can make an exception this time…
Like other not-nice named things, slutty brownies are quite popular (haha, I joke)
But seriously, you’ve probably seen them all over the web and it’s no wonder why. There’s incredible easy to assemble and they taste like a dream. If you haven’t heard of them or even worse, haven’t tried them, then allow me to tell you why these brownies are so dang good.
An irresistible brownie consisting on 3 layers: a chocolate chip cookie base, Oreo cookie center, and a final layer of fudge brownie!
ingredients
- Chocolate Chip Cookie box mix & required ingredients
- 2 teaspoons vanilla extract (optional)
- 1/2 cup semi sweet chocolate chips (optional)
- 1 package Oreos (I used double stuffed)
- Fudge Brownie Mix & required ingredients
instructions
- Preheat oven to 350 degrees. Line a 8×8 inch baking dish with parchment paper or spray with cooking spray and set aside.
- In a mixing bowl combine chocolate chip cookie mix with required ingredients and follow package instruction for how to prepare the batter. I like to add vanilla extract and some extra chocolate chips to the batter but this is optional. Once the chocolate chip cookie dough is combined spoon it into the baking dish and spread out creating a thin, bottom layer.
- Next, layer Oreo cookies side by side on top of the chocolate chip cookie dough. If there is some space left empty, simply break a few Oreos in half to fill up the space. In a separate bowl, combine fudge brownie mix and required ingredients. Follow package instructions for how to prepare the brownie batter. Once brownie batter is thoroughly combined simply pour the batter over the Oreo layer in the baking dish. If you pour it over the center it should fill in all the cracks and spread over the entire dish.
- Bake in the oven for 45 minutes. Brownies are down when a toothpick inserted through the center comes out clean. Allow to cool and set for at least 30 minutes before cutting and serving.
- Store any leftovers in an airtight container.
notes
*Adding vanilla extract and more chocolate chips is completely optional, it’s just something I like to do to give the chocolate chip cookie layer a little extra something.
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