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!
Lemon High Tea Cookies
These cute little Lemon High Tea Cookies are buttery, packed with lemon flavor and melt-in-your-mouth delicious!
I’ve seen variations of this recipe called Lemon Meltaways, or Snowballs, so you may have enjoyed a version of this cookie before!
I first enjoyed a version of this recipe years ago and they were called High Tea Cookies, so I stuck with that. Also, the delicate texture of these cookies lends itself so perfectly to be enjoyed with tea, so I think the title is just right.
Buttery, packed with lemon flavor, and melt-in-your-mouth delicious!
ingredients:
For the cookies -
- 1 1/4 cups flour
- 1/4 cup corn starch
- 1/4 teaspoon salt
- 8 Tablespoons (1/2 cup or 1 stick) Challenge unsalted butter, room temperature
- 1/2 cup powdered sugar
- 1 Tablespoon fresh lemon zest
- 2 Tablespoons fresh lemon juice
Glaze -
- 1 cup powdered sugar
- 2-3 Tablespoons fresh lemon juice
- 1 teaspoon fresh lemon zest
directions:
- In a small bowl, whisk together the flour, corn starch and salt, then set aside.
- In the bowl of an electric mixer, beat butter until smooth. Add powdered sugar, and beat until fully incorporated.
- Add lemon zest, then, while mixing, slowly add lemon juice.
- While mixing (on low), slowly add flour mixture and blend until all of the flour is fully incorporated.
- Stop mixing and scrape down the sides of the bowl, then cover and refrigerate dough 30 minutes to 1 hour.
- When the dough has chilled, use a 1 tablespoon sized scoop to scoop out dough, then roll dough into balls and place on a parchment paper lined, or Silpat lined baking sheet. Press down on the dough balls just a bit to flatten the tops. Place entire baking sheet (with cookie balls) in the fridge or freezer while the oven heats up.
- Bake in preheated oven at 350°F. for 11-13 minutes, or just until the edges of the cookies are golden brown.
- Cool just a bit on the baking sheet, then move cookies to a wire cooling rack.
- When cookies have been baked and cooled, make glaze.
- To make glaze, simply whisk together powdered sugar, lemon zest and 2 tablespoons lemon juice. Add a bit more lemon juice as needed to reach desired consistency.
- Dip cooled cookies into glaze, then return to wire cooling rack (with a baking sheet below to catch excess glaze) and allow glaze to set up before storing cookies.
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