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!
Homemade gifts: Dark hot chocolate stirrers
I’ve been so busy making edible gifts in preparation for Christmas this year and these hot chocolate stirrers have gone down a treat! I find it really satisfying when something you’ve taken the time to handmake is received well.
I look for simple and inexpensive ideas that are easy to pull off but still have the wow factor. My dark hot chocolate stirrers are quick to make and look really beautiful when packaged up.
Ingredients dark hot chocolate stirrers
- 300g 70% dark chocolate
- tablespoon freeze-dried raspberries
- 1 star anise, crushed
- tablespoon chopped pistachios
- 3 cardamom pods, ground
- zest of an orange
- tablespoon mixed peel
- 2 squares white chocolate
- spray cooking oil
You will need
- 4 ice lolly moulds
- wooden ice lolly sticks
- lolly bags and ribbon to decorate
Method
- Lightly spray the ice lolly moulds with cooking oil
- Melt the chocolate over a pan of simmering water or in short 30-second bursts in the microwave, stirring regularly
- Once melted, divide the chocolate evenly between 4 bowls
- Work quickly to add the flavours: divide the orange zest between the first two bowls, in the third bowl add the ground cardamom and in the fourth bowl the star anise.
- Stir each flavour into the melted chocolate and pour the contents of each bowl into separate ice lolly moulds.
- In the moulds that have the orange zest flavouring, add the mixed peel to the top of one mould and the white chocolate to the top of the other. In the mould that contains the cardamom top with pistachios and in the final mould containing the star anise, top with freeze-dried raspberries.
- Add a lolly stick to each mould.
- Place the moulds in the fridge for an hour until set.
- Ease the lollies from the moulds and package in lolly bags.
- Tie with a ribbon or brown string and write a tag that says ‘stir into hot milk’.
I hope you like this homemade gift idea, they are great on their own or as part of a mixed box of baked goodies.
I’d love to hear all about the homemade gifts you make in the comments below!
Dark hot chocolate stirrers
Hot chocolate stirrers are simple and affordable homemade gifts. Great as a stand-alone gift or as part of a mixed box of baked goodies.
- 300 g 70% dark chocolate
- 1 tablespoon freeze-dried raspberries
- 1 tablespoon star anise crushed
- 1 tablespoon chopped pistachios
- 3 tablespoons cardamom pods ground
- zest of an orange
- 1 tablespoon mixed peel
- 2 squares white chocolate
- spray cooking oil
Lightly spray the ice lolly moulds with cooking oil
Melt the chocolate over a pan of simmering water or in short 30-second bursts in the microwave, stirring regularly
Once melted, divide the chocolate evenly between 4 bowls
Work quickly to add the flavours: divide the orange zest between the first two bowls, in the third bowl add the ground cardamom and in the fourth bowl the star anise.
Stir each flavour into the melted chocolate and pour the contents of each bowl into separate ice lolly moulds.
In the moulds that have the orange zest flavouring, add the mixed peel to the top of one mould and the white chocolate to the top of the other. In the mould that contains the cardamom top with pistachios and in the final mould containing the star anise, top with freeze-dried raspberries.
Add a lolly stick to each mould.
Place the moulds in the fridge for an hour until set.
Ease the lollies from the moulds and package in lolly bags.
Tie with a ribbon or brown string and write a tag that says 'stir into hot milk'.
You will need:-
- 4 ice lolly moulds
- 4 wooden ice lolly sticks
- 4 lolly bags plus ribbon to decorate
Nutrition Facts
Dark hot chocolate stirrers
Amount Per Serving
Calories 502Calories from Fat 297
% Daily Value*
Total Fat 33g51%
Saturated Fat 18g90%
Cholesterol 2mg1%
Sodium 20mg1%
Potassium 659mg19%
Total Carbohydrates 43g14%
Dietary Fiber 10g40%
Sugars 21g
Protein 7g14%
Vitamin A0.6%
Vitamin C3.3%
Calcium9.6%
Iron61.2%
* Percent Daily Values are based on a 2000 calorie diet.
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