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!
Snickerdoodle Cookie Dough Bites
Snickerdoodle Cookie Dough Bites
These Snickerdoodle Cookie Dough Bites are literally the most amazing cookie dough you will ever eat, ever! And what makes these Snickerdoodle Cookie Dough Bites so special is the secret ingredient…caramel! Oh, yes there is caramel.
Snickerdoodle Cookie Dough Bites
Prep Time: 20 minutes
Total Time: 20 minutes
Yield: 18-20
Ingredients
- ½ cup butter, softened
- ¾ cup white sugar
- 1 1/3 cup flour
- ¼ teaspoon salt
- 1 teaspoon vanilla extract
- 1 teaspoon cinnamon
- 2 tablespoons caramel sauce
- 2 tablespoons milk
- 1 cup white melting chocolate
Directions
- In a medium-sized bowl, shift together sugar, flour, salt and cinnamon. Beat in butter, vanilla extract, caramel and milk until it starts to come together and is creamy & smooth.
- Scoop a heaping tablespoon, I actually use a cookie dough scooper, makes the job easy! Pack in the dough then remove from the scooper or tablespoon and place on prepared pan, you can also roll them into balls which I did for the batch pictured. Place pan in the refrigerator to chill, approximately 10 minutes.
- While the dough is chilling, melt chocolate according to package directions. I heat in 30 second intervals, until chocolate is completely melted.
- Decorate with the chocolate how you could like, I like to dip the tops in, then sprinkle with mini-colored chocolate chips. The kids like a light drizzle which is easy to do by placing the melted chocolate in a
- Ziploc bag with the corner snipped off, topped off with a pinch of cinnamon.
- Once the bites are drizzled, covered or dipped in chocolate, finish them off with a dust of cinnamon allow chocolate to harden.
- Now they are ready to enjoy!
- To store the Snickerdoodle Dough Bites place in an airtight container in the refrigerator for up to 5 days.
Notes
Inspired by White Chocolate Caramel Snickerdoodles
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