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!
DARK CHOCOLATE PEPPERMINT PATTY THUMBPRINTS. WITH SPRINKLES!
DARK CHOCOLATE PEPPERMINT PATTY THUMBPRINTS. WITH SPRINKLES!
A buttery dark chocolate thumbprint cookie with a miniature peppermint patty pressed into the middle and covered with sprinkles!
I’m also hooked on those ridiculously sappy made-for-tv Christmas movies. I can’t stop watching the ones on Hallmark and ABC Family. I love them for their heartwarming and wholesome goodness, yet I laugh at how corny and cheesy they can be. I’m not even a romantic-comedy person, but if romance happens around Christmastime? I’m in. I’ll still roll my eyes the entire time though.
Let’s talk Christmas movies! If you love Christmas movies too, share your favorites down in the comments, including the made-for-tv ones too! Don’t leave out those gems!
A buttery dark chocolate thumbprint cookie with a miniature peppermint patty pressed into the middle!
Ingredients
- 1/2 c. butter softened
- 2/3 c. sugar
- 1 egg yolk
- 2 tbsp. milk
- 1 tsp. vanilla
- 1/2 tsp. peppermint extract
- 1 c. flour
- 1/3 c. Hershey's Special Dark baking cocoa
- 1/4 tsp. salt
- 1 - 3 oz. bottle of sprinkles
- 36 mini peppermint patties
Instructions
- In a large mixing bowl, combine butter and sugar. Cream until light and fluffy.
- Beat in egg yolk, milk, vanilla, and peppermint extract.
- In a large bowl, combine flour, cocoa, and salt. Blend well.
- Add dry ingredients to the wet ingredients in the mixing bowl. Mix until well-blended.
- Refrigerate for 1 hour or until dough easily forms into a ball.
- Shape into balls slightly larger than 1-inch.
- Pour the sprinkles into a small bowl, and roll each ball in the sprinkles until well-coated.
- Place each ball 2 inches apart on greased baking sheets.
- Press an indentation in the center of each dough ball using your thumb.
- Bake at 350 degrees for 10-12 minutes, or until set when you lightly touch an edge (carefully).
- Remove from oven and allow to cool on pan for 1-2 minutes.
- Press a peppermint patty into the middle of the cookie, into the indentation.
- Remove cookies from pans with a spatula, and cool completely on wire racks.
