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!
CANDY BAR PARTY PUPS
CANDY BAR PARTY PUPS
These candy canines are so doggone cute, I had a hard time giving them away! I surprised my daughter’s second grade class with a great big litter of these chocolate dogs on the last day of school. The kids just loved guessing all the different types of candies that were used to make them – Twix candy bars, Hershey’s Kisses, Tootsie Rolls and chocolate chips.
INGREDIENTS :
- 12 small Twix candy bars
- 6 small Tootsie Rolls
- 12 Hershey’s Kisses
- 12 mini Hershey’s Kisses (found in the baking aisle)
- 48 chocolate chips
- 24 icing eyes (found at most baking or hobby and craft stores)
- ¼ cup chocolate candy melt wafers
- 3 or 4 black candy melt wafers
- Small plastic squeeze bottle
INTRUCTONS :
- To make the dog bodies, start by carving holes at the front of your Twix candy bars. (This is where the heads will connect.) Tear off tiny pieces of Tootsie Roll and roll to form the tails. Melt the chocolate candy melt wafers in a microwave for 30 second intervals, stirring until smooth. Pour into a small squeeze bottle. Attach the tails to the back ends of the Twix bars with a dab of candy melt. Squeeze four dollups of candy melt to the bottom corners of the Twix bars, and attach the chocolate chips for the legs. Set aside, letting everything cool and harden.
- To make the dog heads, start by forming the ears with small pieces of Tootsie Roll. Attach the ears to the sides of the Hersey’s Kisses with dabs of candy melt. Attach the icing eyes with more candy melt. Then, attach the mini Hershey’s Kisses to the backs of the heads with more candy melt. (This will become the dog’s neck.) Allow the heads to cool and harden.
- To attach the heads to the bodies, squeeze candy melt into the carved holes on the fronts of the Twix bars. Insert the mini Hershey’s Kisses into the holes and allow them to cool and harden. You may have to hold the heads in place for few seconds while they cool and harden.
- If desired, add some paper party hats!
- Chocolate dogs will keep at room temperature for 3-5 days or may be stored in a sealed food container for up to a month.
