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 VANILLA CHEESECAKE BARS
Cherry Vanilla Cheesecake Bars. A very festive and easy cheesecake cookie bar recipe. One of our most popular cookie bar recipes ever. Perfect for the Holiday freezer.
Cherry Vanilla Cheesecake Bars, another very simple recipe to add to our growing collection of cookies, squares and bars. Creamy cheesecake sits atop a cookie base and the bright red cherries add flavor and a festive look to these delicious little squares.
Cherry Vanilla Cheesecake Bars RecipeCherry Vanilla Cheesecake Bars – a very festive and easy cheesecake cookie bar recipe. One of our most popular cookie bar recipes ever.
Ingredients
FOR THE BASE & CRUMB TOPPING- 1½ cups flour
- ⅓ cup firmly packed brown sugar
- ½ cup cold butter
FOR THE CHEESECAKE FILLING- 1 cup (8 ounces) cream cheese
- ½ cup sugar
- 3 tsp vanilla extract
- 1 tbsp lemon juice
- 1 large egg
- ⅔ cup glace cherries , cut in quarters (well drained maraschino cherries will also work, I rinse them and drain them on paper towels before cutting them)
Instructions- In a food processor pulse together the flour, brown sugar and butter until crumbly (or simply cut the butter through the flour and sugar with a pastry knife or two butter knives held between your fingers)
- Save a ½ cup of this crumble mixture to sprinkle over the top later.
- Press the rest of the crumble mixture into the bottom of a greased or parchment lined 8x8 inch square baking pan.
- Bake at 350 degrees F for 15 minutes. Remove from oven and let cool for a few minutes while preparing the cheesecake filling.
- Beat together the cream cheese, white sugar, lemon juice and vanilla extract until smooth.
- Beat in the egg.
- Fold in the chopped cherries.
- Spread the cheesecake mixture evenly onto the pre-baked cookie base and sprinkle the reserved cookie crumble over the surface.
- Bake at 325 degrees F for 20 - 30 minutes or until the cheesecake is set at the centre.
- Let cool completely in the pan before cutting and serving.
- Refrigerate in airtight containers. Freezes well too.
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