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!
NO BAKE COOKIE DOUGH CHEESECAKE
NO BAKE COOKIE DOUGH CHEESECAKE
We loved this NO BAKE Cookie Dough Cheesecake — it’s made with edible cookie dough and an Oreo crust and is an extra special dessert for the holidays!
What is it about cookie dough that everyone loves?
Everyone loved this NO BAKE Cookie Dough Cheesecake -- it's made with edible cookie dough and an Oreo crust and is an extra special dessert for the holidays!
INGREDIENTS
CRUST
- 3 tablespoons melted butter
- 300 grams bag chocolate sandwich cookies about 25 cookies
COOKIE DOUGH
- 5 tablespoons softened butter
- 3/4 cup brown sugar
- 1/2 teaspoon salt
- 1 teaspoon vanilla
- 3-4 tablespoons milk
- 1 1/2 cups all-purpose flour
- 1/2 cup mini chocolate chips
CHEESECAKE
- 24 oz cream cheese 3 packages
- 1 cup heavy whipping cream 35% cream
- 1 cup powdered sugar
- 1 teaspoon vanilla
INSTRUCTIONS
- CrustCombine melted butter and cookies in a food processor and process until smooth and a ball forms.
- Press into a 9" Springform pan (or a pie plate or square pan works just fine, too!).
- Cookie DoughIn a medium bowl, stir together softened butter and sugar with a spoon. Add salt, vanilla, milk, and flour and stir until a dough forms, adding a little more milk if needed. Stir in chocolate chips.
- Set in the refrigerator to chill.
- CheesecakeIn a large bowl, beat together cream cheese, cream, sugar, and vanilla until completely smooth and fluffy -- about 5 minutes on high speed.
- Divide the cookie dough in thirds. Roll 1 third into a circle the size of your pan and lay on top of your crust (I do this between 2 sheets of wax paper and it works perfectly!). Roll remaining ⅔ into small balls. Stir half of the cookie dough balls into the cheesecake, and set the remaining in the fridge for garnish.
- Top with cheesecake mixture and set in the refrigerator to chill until set, at least 4 hours.
- Garnish cheesecake with whipped cream if desired and extra cookie dough balls. Serve and store leftovers in the refrigerator for up to 5 days.
