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!
Best Banana Pudding
Best Banana Pudding
I am just going to start off by saying this is going to be one of the greatest banana puddings you’ve ever had in your life.
Best Banana Pudding
Ingredients:
- 14 oz can of sweetened condensed milk
- 1 1/2 cups of cold milk
- 3.4 oz box of Jell-O Vanilla Instant Pudding mix (make sure it’s Instant!)
- 3 cups of heavy or whipping cream
- 6 ripe bananas (about 4 cups worth), sliced into discs and rinsed with water to slow down the natural browning of the bananas
- 11 oz box of Nilla Wafers
Instructions:
- In a large mixing bowl, add the condensed milk and the cold milk. Beat for 1 minute with a hand mixer. Then, add in the vanilla instant pudding mix and blend for another minute. Put a lid or foil over the mixing bowl and pop in the fridge to completely cool, set and firm-up for 4 hours minimum (or you can let it rest overnight like I did – but it must set for 4 hours minimum for the proper results so be patient!)
- Just before removing the pudding mixture from the fridge, in a separate mixing bowl, take the hand mixer or a stand mixer and add in the heavy/whipping cream. Beat until it begins to stiffen and look like whipped cream for about 2-3 minutes (I used a stand mixer and worked my way up to the 6-speed and then to the 8-speed). Now take the pudding mixture out of the fridge and transfer the whipped cream into the pudding bowl, folding and mixing in well until smooth and creamy
- Take a trifle bowl and cover the bottom with a layer of Nilla Wafers, followed by some of the bananas and then top off with some of the pudding mixture. I was able to get four layers in my bowl so just eyeball the proper amount for each layer leaving a little room for the lid to go on top. Just be careful when layering as part of the experience here is visual (hence the glass trifle bowl) – if you get some pudding or banana remnants on the sides of the bowl prematurely, just wipe it with a paper towel. Once the final layer of pudding is in place (you may have some extra pudding which you can just save for later), crush the remaining Nilla Wafers and sprinkle on top (you can also sprinkle the crushed wafers on top right before serving if you wish for them to be crunchy).
- Cover the bowl with a lid and pop in the fridge for another 4-10 hours but try not to surpass 10 hours or the bananas will want to turn brown which is totally fine in flavor, but it won’t look as pretty. Again, it must set for at least 4 hours for the wafers to soften so patience is key…and well worth the wait! The longer it’s in the fridge, the more cake-like the wafers will become
- Serve it right out of the trifle bowl and enjoy!
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