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!
OREO CHEESECAKE BARS
These Oreo Cheesecake Bars start with a buttery Oreo crust, a cheesecake and Oreo middle, and are topped with Oreo crumbs. They are so much easier than making an entire cheesecake.
Ingredients
- 19.1 oz package regular Oreo cookies
- 1/4 cup {1/2 stick} salted butter melted
- 3 {8 oz} packages cream cheese softened
- 3/4 cup granulated sugar
- 3/4 cup sour cream room temperature
- 1 tsp. vanilla extract
- 1/2 tsp. salt
- 3 large eggs room temperature
Instructions
- Preheat oven to 325ºF and line a 9x13 inch pan with aluminum foil, leaving a 2-inch overhanging on both sides. Spray with cooking spray and set aside.
- Place 28 Oreos in a food process and pulse until finely ground. Add the melted butter and stir until the crumbs are completely coated.
- Evenly press the cookie mixture firmly into the prepared pan. Bake for 10 minutes and transfer to a wire cooling rack.
- Roughly chop the remaining Oreos, either by pulsing a few times in a food processor, or chopping by hand.
- In a large bowl, use an electric mixer to beat the cream cheese on medium speed. Once smooth and creamy, add the sugar and blend well, about 2 minutes. Scrape down the sides as needed.
- Beat in the sour cream, vanilla, and salt. Scrape the bowl and mix again.
- Add the eggs, one at a time, beating well after each addition. Scrape down the sides and then beat again, making sure the mixture is fulling combined.
- Gently fold in the Oreos and mix well.
- Pour the cream cheese mixture over the crust and smooth out on top. Bake for 40 minutes, until filling is slight wobbly in the middle and set on the outside.
- Move to a wire rack and let cool completely, about 1 hour. Once cooled, chill in the refrigerator for at least 3 hours.
- Once cooled, lift from pan, using foil overhanging and cut into squares. Keep refrigerated until ready to serve.
Recipe Notes
Note: Cheesecake tastes better as time goes on, so for prime taste, I suggest making these the day before you plan to eat them.
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