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!
Double Chocolate Brownie Jar
For the foodies on your list, there’s nothing better than something indulgent to satisfy their sweet tooth! It doesn’t get easier than a DIY mason jar gift. Yes these are all over the internet, but… this double chocolate brownie recipe is to. die. for. They are seriously so good! Save yourself the stress… you probably already have all the ingredients on hand, and make multiples to keep for unexpected gift giving. Click through to get the recipe and assembly instructions…
What you’ll need for this recipe:
– 1 quart mason jar
– 1 cup + 2 tablespoons all-purpose flour
– 1/2 teaspoon salt
– 2/3 cup packed brown sugar
– 2/3 cup granulated sugar
– 1/3 cup dark quality cocoa
– 1/2 cup semisweet chocolate chips
– 1/2 cup white chocolate chips
– 1/2 cup chopped nuts (I used walnuts)
Step 1 // Prep your first layer. In a small bowl, combine the flour and salt. Scoop half of the mixture into a mason jar.
Step 2 // Add the cocoa. Layer half of the cocoa on top of the flour, followed by the remaining flour.
Step 3 // Add the brown sugar. Break up the packed brown sugar and use it as the next layer.
Step 4 // Add the granulated sugar. Next comes the sugar… layer it on top of the brown sugar.
Step 5 // Add the remaining cocoa and chocolate chips. Use the reserved cocoa, and top it with dark chocolate chips.
Step 6 // Add the nuts. Nuts are optional, but I love the texture they add to brownies… I added the walnuts next.
Step 7 // Add the white chocolate. Last but not least for the ingredients, top off the jar with white chocolate chips.
Step 8 // Attach a tag with the directions. Obviously the recipient of this gift will need to know how to make the recipe. I added a little handwritten note on the back of a “merry” tag that read…
Additional Ingredients :
- – 3 eggs
- – 2/3 cup canola oil
- – 1 teaspoon vanilla extract
Directions :
Preheat oven to 350°. In a large bowl, whisk eggs, oil, and vanilla. Add the contents of the jar and stir until well blended. Spread into a greased 9 inch square baking dish. Bake 25-30 minutes or until a toothpick inserted near the center comes out clean (do not over bake).
diy-brownie-mix I also like to dress my jars up a bit… in addition to a tag, I added a gold piped ribbon, and a couple sprigs of eucalyptus. I’m also partial to the mason jars with the brass lids. The country look is not my thing, so I tried to take the mason jar in a direction that felt less country and more seasonal. Have you guys ever tried mason jar layering? I jumped on the salad and ramen in-a-jar train a little while ago, but this was my first dessert. Enjoy!!
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