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!
Apple Pie Bars
Apple Pie Bars
Be sure to try my Perfect Apple Pie and my Carmel Crunch Apple Pie. It’s important to have options, ya’ know!
Apple Pie Bars
Ingredients
- 6 medium Granny Smith apples
- 2 Tbsp lemon juice
- 1 tsp vanilla extract
- 1/2 cup flour
- 1/2 cup granulated sugar
- 1/3 cup packed brown sugar
- 2 tsp cinnamon
- 1/4 tsp nutmeg
- 1 package refrigerated pie crust (2 crusts)
Vanilla Glaze
- 2 Tbsp half and half (or milk)
- 1 1/4 cup powder sugar
- 1/4 tsp vanilla extract
Instructions
- Preheat oven to 350 degrees and set pie crusts on counter to come to room temperature.
- Peel, slice and chop apples finely, I like to use my hand chopper.
- Place diced apples in a large mixing bowl and add lemon juice and 1 tsp vanilla extract. Stir to coat apples.
- In a medium mixing bowl, stir together flour, granulated and brown sugars, cinnamon, and nutmeg. Pour flour mixture over apple mixture and toss to evenly coat.
- Roll on pie crust in to an even circle. You only need to use your rolling pin a tiny bit to make the dough soft and flexible.
- Place bottom crust on an ungreased cookie sheet making sure the edges don't hang off.
- Spoon apple mixture over bottom crust leaving 1/2 inch boarder on the edges.
- Roll out second pie crust lightly and place on top of apple mixture. Fold together the edges and press to seal.
- Sprinkle with a bit of cinnamon sugar mix if you like.
- Bake for 50-60 minutes until golden brown. Remove from oven and let cool for atleast 30 minutes before cutting in to bars.
- Drizzle with glaze or serve with vanilla ice cream.
- Store bars in refrigerator in an airtight container.
- Enjoy!
Adapted from Cooking Classy
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