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!
Soft Cinnamon Roll Cookies
Soft Cinnamon Roll Cookies
Large cake-like cookies, swirled with cinnamon, sugar, and butter. Like a cinnamon roll, but is a cookie! Adapted from Esther Brody's 500 Best Cookies, Bars and Squares
- 3/4 C butter, softened
- 1 C sugar
- 1/2 tsp vanilla
- 3 C flour
- 1 tsp baking soda
- 3/4 C buttermilk
- Filling
- 2 tbsp butter, softened
- 1/2 C brown sugar
- 1-2 tbsp cinnamon
- Glaze
- 2 C powdered sugar
- 1/2 tsp vanilla
- 3-4 tbsp milk
In a mixing bowl, cream butter and sugar together until creamy then mix in the vanilla. In a small bowl, add the baking soda to the buttermilk and stir - set aside. Add one cup of the flour slowly to the butter mixture until combined. Pour in the buttermilk/soda and mix until combined. Finish by adding the rest of the flour. Mix until just combined (don't over mix). Put the dough into the refrigerator for at least one hour.
Preheat the oven to 350°. Prepare the cookie sheets with parchment paper or spray the sheets with cooking spray.
Generously flour your counter or baking marble. Turn out the dough onto the flour and shape into an approximately 12" x 8" rectangle, about 1/4" thick. (Yes, it's a very sticky dough, be patient!) Spread the butter evenly over the dough, then sprinkle with the brown sugar and cinnamon.
Roll the dough from the long side, slowly nudging up and as tightly as possible without breaking the dough. Don't worry if there are some little places that open up - just lightly pinch them closed.
Put in refrigerator for about 15 minutes, then slice into 1" slices, wiping the sharp knife between cuts. Place the cookies onto the cookie sheet, at least 2 1/2" apart as they will spread. Lightly reshape cookies into circles if needed, making sure the cinnamon sugar is showing in spirals. Bake for 18-20 minutes until lightly browned. Transfer baked cookies to a wire rack immediately to cool.
After completely cooled, mix the glaze ingredients together until smooth and desired texture. Spoon glaze to completely cover the cookies and give them enough time to set before serving.
Tips and Stuff:
Don't skip the refrigeration part. The dough is sticky and needs to firm up some. It won't be like a thick bread dough - more like a thick cookie dough.
When glazing the cookies on the rack, place a big piece of wax paper under the rack to catch the drippings.
Store in a tightly sealed container.
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