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!
PUMPKIN CHEESECAKE BARS
So easy to make and with the right amount of pumpkin flavor, these pumpkin cheesecake bars taste exactly like a cheesecake that crossed paths with a pumpkin pie – the best of both worlds!
We’re right in the middle of the pumpkin season. Although my first pumpkin dessert was made in the heat of June followed by a long break for the rest of summer, now I have cans of pumpkin puree all over the kitchen. On the counter, in the pantry and a can opened in the fridge. I have quite a few recipes I must try this fall and I’m not going to take the peppermint train until I cross all the pumpkin recipes off my list.
After making chocolate pumpkin bars featuring a layer of pumpkin cheesecake, this time I’m combining both into one super simple dessert – pumpkin cheesecake bars!
Ingredients
Crust
- 1 1/2 cups graham crackers crumbs
- 1/4 cup melted butter
- Filling
- 4 packages (8 oz each) cream cheese , softened
- 1 1/2 cups granulated sugar
- 4 eggs
- 1 cup (8 oz) canned pumpkin (not pumpkin pie mix)
- 2 teaspoons pumpkin pie spice
- Garnish
- whipped cream
- pumpkin pie spice
Instructions
- Heat oven to 300°F.
- Line a 13X9 baking pan with parchment paper leaving about 1 inch of paper hanging on the sides.
- In a medium size bowl, combine the graham cracker crumbs with the melted butter.
- With your fingers press the crust on the bottom of the prepared pan. Set aside while making the filling.
- In the mixing bowl of your stand-up mixer , add the cream cheese and sugar. With the paddle attachment on, beat on low speed until light and fluffy.
- Beat in eggs, one at a time, just until blended.
- Spoon half of the mixture over the crust and spread evenly.
- To the remaining cream cheese mixture add the pumpkin puree and pumpkin pie spice.
- With a wire whisk stir until smooth. Carefully, spoon over mixture in pan.
- Bake the cheesecake in the preheated oven for 50 minutes or until just set. Turn off the oven and leave the door ajar allowing the cheesecake to slowly cool down for about 1 hour or so.
- Refrigerate for at least 3 hours before cutting into bars.
- Top each bar with whipped cream and a dust of pumpkin pie spice
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