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!
SALTED CARAMEL BUTTER BARS
These Salted Caramel Butter bars are a little naughty. A little naughty as in, the cookie bar itself has 4 sticks of butter! You read that right. 4 sticks of butter. Can you feel your arteries clogging now? Not to mention the caramel sauce has a stick of butter in it. These bars would be great at some kind of back to school bake sale. People will love them! Salted caramel is my favorite and this is definitely not a dessert you want to eat if you’re trying to watch your pounds. I have to admit, I haven’t been watching mine lately. Just been maintaining these days.
P.S. These are also the perfect bars to eat, after you find out that your ex is already seeing someone new and you’re all alone with no one. #sadbuttrue
I’ll get over it over it though. Salted caramel is the only one for me.
INGREDIENTS
- 1 lb. salted butter room temp
- 1 cup sugar
- 1½ cups powdered sugar
- 2 Tbs vanilla OR – I used Princess Cake Emulsion..
- 4 cups AP flour
- For the Filling:
- 1 bag (14 oz.) caramel candies (about 50 individual caramels), unwrapped
- ⅓ cup milk or cream
- ½ teaspoon vanilla
- *1 T. coarse sea salt (optional)
INSTRUCTIONS
- Preheat oven to 325°
- In a large bowl, combine the butter and sugars. Using mixer on medium speed, beat together until creamy. Add the vanilla and beat until combined. Sift the flour into the butter mixture and beat on low speed until a smooth soft dough forms.
- Spray a 9×13 inch baking pan lightly with non-stick cooking spray. Press one-third of the dough evenly into the pan to form a bottom crust. Wrap remaining dough in plastic wrap and chill in refrigerator.
- Bake crust until firm and the edges are a pale golden brown approx 20 minutes. Transfer pan to a wire rack and let cool about 15 minutes.
- While the bottom crust is baking and the remaining dough is chilling, make the caramel filling. Place the unwrapped caramels in a microwave-safe bowl. Add the cream. Microwave on high for 1 minute. Remove from the microwave and stir until smooth. If caramels are not completely melted, microwave on high for 30-second intervals, stirring after each interval, until smooth.
- Once the caramel is melted add in your ½ tsp vanilla and stir until combined.
- Pour the caramel filling over the crust. If you are going to salt the caramel sprinkle it on caramel layer now.
- Remove the remaining chilled dough from the refrigerator and crumble it evenly over the caramel.
- Return the pan to the oven and bake until the filling is bubbly and the crumbled shortbread topping is firm and lightly golden, about 25 – 30 minutes.
- Let cool before cutting into squares
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