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 MARSHMALLOW PUMPKIN PIE
A yummy, easy no bake pie made with the flavors of fall! A delicious ginger snap cookie crust with the smoothest marshmallow-pumpkin pie filling that will find a special place in your fall “baking” repertoire.
A smooth, creamy no bake pie with warm pumpkin spices and sweet marshmallow flavors.
ingredients
- for the crust
- 2 cups ginger snap cookie crumbs (about 35 cookies)
- 1/2 cup (1 stick) unsalted butter (melted)
for the pie filling
- 8 ounce block of cream cheese
- 1/2 cup powdered sugar
- 2 teaspoon pure vanilla extract
- 3/4 cup pumpkin puree
- 1 tsp pumpkin pie spice
- 1/2 tsp ground cinnamon
- 1) 7 ounce container marshmallow creme
- 1) 8 ounce tub cool whip
- optional: whip cream & sprinkles for garnish
instructions
- Line the bottom of a 9 inch spring form pan with parchment paper. Set aside.
- Using a food processor, pulse gingersnap cookie until fine crumbs form. Combine the ginger snap cookie crumbs and melted butter in a mixing bowl and mix together until the crumbs are moist and evenly coated. Pour the crumb/butter mixture into the spring form pan and smooth it out over the bottom of the pan to form a cookie crust, packing it tightly with a spoon. Set aside.
- In a large mixing bowl cream together cream cheese, powdered sugar & vanilla extract using a stand mixer or electric handheld mixer. Cream ingredients together until smooth and thoroughly combined. Add in pumpkin puree, pumpkin pie spice and cinnamon and continue mixing on medium speed until smooth and thoroughly combined. Slowly add in marshmallow creme and mix until thoroughly combined with the pumpkin filling. Finally, add in the cool whip, mixing thoroughly until all the ingredients are combined and filling is thick, smooth and has a light orange tint.
- Pour pie filling into the spring form and smooth out evenly over cookie crust. Allow the pie to chill in the refrigerator for at least 4 to 6 hours or up to over night. When ready to serve you may want to run a butter knife down the sides of the pie, in between the sides of the pie and spring form pan so they don’t stick when you lift up the sides from the spring form pan. Release the side latch and lift the sides of the pan up. Gently lift the pie up form the bottom of the spring form pan and peel away the parchment paper and transfer to a plate or serving dish. Garnish with whipped cream and sprinkles (optional) cut into slices and serve.
- Any left overs should be store in an airtight container and kept refrigerated.
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