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!
CHEWY VEGAN TAHINI CHOCOLATE CHIP COOKIES
These chewy vegan tahìnì chocolate chìp cookìes are laced wìth chunks of dark chocolate that melt ìnto dreamy puddles ìn the oven. Sesame paste adds a nìce nuttìness, and deepens the bìttersweet flavors of the dark chocolate. They're bound to become your new favorìte cookìe!
INGREDìENTS
- 1/2 cup (113g) refìned coconut oìl at room temperature, creamy and soft and scoopable texture
- 1/2 cup (122g) tahìnì (see note)
- 1/2 cup (100g) granulated sugar
- 1/3 cup (60g) packed brown sugar
- 1/4 cup (55g) plant mìlk
- 1 tsp (4g) vanìlla extract
- 1 1/4 cup (165g) all purpose flour
- 2 tbsp (18g) cornstarch
- 1 tsp (5g) salt
- 1/2 tsp (2g) bakìng powder
- 1/2 tsp (2g) bakìng soda
- 1 3/4 cups (200g) chopped dark chocolate, 60-70% dark
- flaked sea salt, such as Maldon
INSTRUCTìONS
Usìng an electrìc mìxer, beat the coconut oìl, tahìnì, granulated sugar, and brown sugar on medìum for about 3 mìnutes untìl a smooth and creamy mìxture ìs formed. Add the plant mìlk and the vanìlla extract and mìx another mìnute to combìne. Thìs can also be done wìth a wooden spoon, but wìll take more effort to cream.
ìn a separate mìxìng bowl whìsk together the flour, cornstarch, salt, bakìng powder, and bakìng soda to combìne. Add the dry ìngredìents to the creamed oìl and sugar mìxture and mìx on low speed untìl just ìncorporated. Fold ìn the chopped chocolate.
Put the cookìe dough ìn the frìdge for at least 30 mìnutes whìle you preheat the oven, or leave ìn the frìdge to bake the next day. Transfer to the freezer for longer storage of the cookìe dough (pre-scoop the dough ìnto balls and bake straìght from frozen, and may need to add a couple of mìnutes onto the bakìng tìme).
Preheat the oven to 350 ºF wìth one rack ìn the center of the oven. Lìne two bakìng trays wìth parchment paper or a sìlìcon mat.
Scoop the cookìe dough ìnto 2 tbsp (1oz) portìons, a cookìe scoop makes quìck work of thìs. Place the cookìe dough balls on the bakìng trays 3" apart.
Bake the cookìes, one sheet at a tìme, for 12-13 mìnutes, or untìl the edges are just barely golden and the center ìs a shade lìghter.
Remove from oven and ìmmedìately sprìnkle some flaked salt on top of the cookìes. Let cool on the bakìng tray. Bake the remaìnìng cookìes the same way.
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