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!
Hawaiian Pineapple Coconut Lush
This island inspired Hawaiian Pineapple Coconut Lush is a celebration of the flavor combination of pineapple, coconut, macadamia nuts and all things creamy. The only baking required to make this tropical delight is a short preparation and bake time for the crust. that’s laced with coconut, macadamia nuts, white chocolate chips and melted butter. Make it the night before you plan on serving giving it plenty of chill time to set-up to perfection. Just before serving top with toasted coconut, whipped cream and the proverbial cherry on top then sit back and enjoy the praise. Or, the silence. Or, a little of both.
This Hawaiian variation was developed out of my love for all of these flavors and the thrill of combining them into one heavenly bite. It’s unapologetically rich and luscious and makes for an “all occasion” sweet treat. Take it to your next office, neighborhood or church potluck or serve it at a casual backyard soiree. It won’t last long no matter the destination.
- 1 3/4 cup vanilla wafer crumbs
- 1/2 cup macadamia nuts roughly chopped
- 1/3 cup white chocolate chips
- 1/2 cup sweetened flaked coconut divided
- 1/2 cup butter melted
- 2 8-oz cream cheese, softened
- 1 cup powdered sugar
- 1 8-oz crushed pineapple, drained
- 1 16-oz frozen whipped topping thawed, divided
- 2 3.4-oz instant coconut pudding mix
- 4 cups whole milk or half & half
- 16 maraschino cherries with stems
Preheat the oven to 350°F. Lightly spray the bottom of a 9 x 13-inch baking dish with cooking spray.
In a medium-size mixing bowl toss together the vanilla wafer crumbs, macadamia nuts, white chocolate chips, 1/4 cup flaked coconut and melted butter.
Press firmly onto the bottom of the baking dish. Bake for 20-25 minutes until lightly golden and set. Cool completely.
Increase the oven temperature to broil. Spread the remaining coconut on a baking sheet. Toast for 4-5 minutes stirring periodically. Do not walk away. Cool completely.
In a medium size mixing bowl using an electric mixer, whip together the cream cheese and powdered sugar until smooth, Mix-in the crushed pineapple and 1/3 of the whipped topping by hand. Spread over the cooled crust.
In the same bowl, whip together the pudding mix and milk until thickened but pourable. Pour evenly over the pineapple layer.
Frost the top with the remaining whipped topping. Garnish with toasted coconut and maraschino cherries.
Chill for 4 hours to set.
Store leftovers chilled.
To decorate the top as pictured additional whipped cream will be needed.
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