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!
Mini Banana Bread Bottomed Cheesecake
These Mini Banana Bread Bottomed Cheesecake Cupcakes feature an unbelievably moist banana bread crust filled with a creamy, firm no-bake cheesecake. Two favorite desserts combined into one mini cupcake!
INGREDIENTS
- Banana Bread Bottoms
- 2 cups sugar
- 2 cups flour
- 2 tsps baking soda
- 2 cups ripe bananas
- 5 eggs
- 1 cup soft margarine or butter, (two half cups sticks of butter)
- 6 tbsps buttermilk, (regular milk works too)
- Cheesecake Filling
- 2 tbsps cold water
- 1 1/2 tsps unflavored powdered
gelatin
2 (8 oz) packages original cream cheese, at room temperature1/3 cup sour cream2 tsps vanilla extract3/4 cup powdered sugar1/2 tsp salt3/4 cup heavy whipping creamINSTRUCTIONS
- Banana Bread Bottoms
- Mix all banana bread bottom ingredients together. Let mixture sit for 1 hour. (Note: Depending on how many mini cheesecakes you want to make, use half the batter for 1-2 banana bread loafs)
- In a mini cheesecake pan, use non-stick cooking spray for each pan slot or use liners for standard cupcake pan. Pour 1 large tablespoon of batter into each. Bake at 350 degrees F for 17 minutes. Remove bottoms from pan right away, set aside. Repeat process until desired amount of bottoms are reached. Let cool.
- Cheesecake Filling
- In a large mixing bowl, use a stand mixer (or hand mixer) to beat cream cheese until smooth. Add powdered sugar, vanilla extract, sour cream and salt. Beat until combined.
- In a microwave-safe bowl, whisk the water and gelatin together. Microwave on High for 20 seconds. Remove and whisk for 30 seconds. Let cool for 2 minutes. Slowly add the gelatin mixture to cream cheese while mixing speed is on low until combined.
- In a separate bowl, add heavy whipping cream. Use a hand mixer to whip the cream until stiff peaks form (around 2 minutes). With a spatula, add the whipped cream into the cream cheese mixture and mix until combined.
- Fill a pastry bag with the cheesecake filling, cut off the pointed end and begin squeezing the filling over the banana bread bottoms to the top of each liner or slot. Refrigerate for minimum 4 hours. (If your using 1 cheesecake pan, add 1 bottom to every "coined" slot. Fill up to the rim with filling, then carefully push through the hole to lift the mini cheesecake out. Repeat.)
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