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!
Salted Caramel Oreo Bark
Salted Caramel Oreo Bark
This time I bought the chocolate cream Oreo thins. The thinner cookies just work better when you are creating a flat treat. Plus, more chocolate is always a good idea. Don’t listen to that! Obviously, my sweet tooth has taken over writing right now…
The first thing you want to do is to line a pan with foil. This makes it so much easier to get the chocolate and cookies off later.
Then put a tiny dab of white chocolate on the back of each cookie and place them on the foil lined pan right next to each other in a grid-like pattern. This just keeps the cookies from moving around later when you are trying to smooth chocolate all over them. Trust me on this one.
Salted Caramel Oreo Bark Recipe
Swirls of chocolate, white chocolate, caramel and cookies will make this Salted Caramel Oreo Bark disappear in a hurry!
Ingredients
- 1 - 10 ounce package chocolate cream Oreo Thins
- 1 - 10 ounce bag white chocolate melts
- 1 cup salted caramel chips
- 1 Tablespoon shortening
- 1/4 cup dark chocolate melts
- coarse ground sea salt
Instructions
- Line an 11x15 pan with foil.
- Place the white chocolate melts in a bowl and melt according to the package directions.
- Spread a little bit of white chocolate on the back of each Oreo thin and place them on the prepared pan. Refrigerate for 5 minutes.
- Heat the white chocolate for 15-20 seconds and stir. Spoon the white chocolate all over the cookies on the tray and spread out with a spatula. Let set slightly.
- Place the salted caramel chips and shortening in another bowl and heat for 30 seconds. Stir until melted and creamy. Heat an additional 15 seconds at a time, if needed.
- Place the chocolate melts in a bowl and melt according to the package directions.
- Pour the caramel on top of the white chocolate and spread it over the top gently. Drop the chocolate on top of the caramel layer by spoonfuls and drag a knife gently through it to give it a swirled look.
- Sprinkle with coarse sea salt while it is still wet. Let set. Break or cut into chunks and store in a sealed bag.
