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!
CHERRY CHEESECAKE BROWNIES
CHERRY CHEESECAKE BROWNIES
Cherry pie filling is one of my all time favorite pie fillings. And Lucky Leaf’s is bursting with big and delicious cherries inside. You can truly see a difference in their pie filling. So when choosing a dessert to make, I knew that I wanted to use it. So then it came to me. Why don’t I combine three of my favorite desserts in one!? And that my friend, is how the Cherry Cheesecake Brownie was born!
This dessert turned out way better than expected. I could hardly wait for them to cool and set. My cherry loving 7 year old kept sneaking cherries from the top. Apparently, he couldn’t wait either!
INGREDIENTS
Cheesecake Topping Ingredients:
- 2 (8 ounces) cream cheese
- ½ cup sugar
- 1 egg
- ½ teaspoon vanilla
Brownie Ingredients:
- 1 cup butter
- 6-ounce unsweetened chocolate
- 2 cups sugar
- 1 teaspoon vanilla
- 1 teaspoon salt
- 4 eggs
- 1¼ cup flour
- 1 (21 ounces) Lucky Leaf® Cherry Pie Filling
INSTRUCTIONS
- Heat oven to 350 degrees. Line a 13x9 inch pan with foil and spray lightly with cooking spray. Set aside.
- To make the topping: Beat together cream cheese, and sugar until smooth. Add in egg and vanilla and continue to beat until smooth.
- To make the brownies: In a microwave-safe bowl, melt butter and chocolate 30 seconds at a time until melted and smooth. Stir in sugar vanilla and salt. Add in eggs and flour. Mix until incorporated.
- Spread brownie mix into the bottom of your 13x9 inch prepared pan. Drop Cheesecake mixture on top followed by the Lucky Leaf Cherry Pie filling. Run a knife through the top giving it the marbled look.
- Bake for 45-50 minutes until the cheesecake states to turn lightly brown on the edges. The cheesecake center will still jiggle a bit. Cool completely and chill for 4 hours before cutting.
NOTES
You can also find this recipe in Lucky Leaf's FREE ebook with 20 delicious recipes inside!
