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!
SOUR CREAM LEMON SCONES
Sour Cream Lemon Scones. Beautifully light and tender little lemon scones that go together particularly well with wild blueberry jam. Perfect for weekend brunch or morning coffee.
These fragrant little lemon morsels remind me of a formal afternoon English tea. I think they would fit right in beside the cucumber sandwiches and Victoria sponge cake.
We enjoyed these this morning at brunch with some simple, freshly made Newfoundland wild blueberry jam and they were scrumptious.
Beautifully light and tender little lemon scones that go together particularly well with wild blueberry jam.
Ingredients
- 2 cups all purpose flour
- 1/4 cup sugar
- 4 tsp baking powder
- 1/4 tsp baking soda
- 1/4 cup + 1 tbsp very cold butter
- 1/2 cup sour cream
- 1/2 cup milk
- 1 tsp vanilla extract
- 1 tbsp water
- 1 egg
- few tbsp turbinado sugar optional
- Zest of one lemon finely minced
- pinch salt
Instructions
Preheat oven to 400 degrees F.
- In a food processor, blend together the flour, sugar, baking powder, baking soda and lemon zest.
- Pulse in the butter.
- Do not over incorporate the butter into the flour. Similar to making a flaky pastry, small pieces of butter should be visible in the flour.
- Transfer this mixture from the food processor into a large mixing bowl and make a well in the center.
- Mix together the sour cream, milk and vanilla. Pour into the well.
- Working very quickly with a wooden spoon, fold the dry mixture through the milk and sour cream mixture, only until the flour disappears, then stop immediately.
- Drop the sticky dough onto a well floured counter top or bread board. Sprinkle the top of the dough with additional flour as well as flouring your hands to handle the dough. I don’t even use a rolling pin for these biscuits, the dough is soft enough to pat it out gently with floured hands to a thickness of about 3/4 inch.
- Using a small biscuit cutter cut the biscuits out an place them, 1 1/2 inches apart on a parchment paper lined baking sheet. I recommend an aluminum baking sheet because it tolerates the higher oven temperature without burning the bottom of the biscuits.
- Whisk together the water and egg and brush lightly over the top of the biscuits. You will only need a little of the egg wash mixture.
- Sprinkle with some turbinado sugar if desired.
- Bake for 13-15 minutes or until the tops are golden brown. Cool on a wire rack.
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