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!
Chocolate Caramel Oreo Bars
Chocolate Caramel Oreo Bars are an easy decadent dessert recipe perfect for the holidays.
Oreo Thins topped with creamy caramel and a mixture of semi-sweet and white chocolate are a rich treat that will impress all your guests.
These delicious caramel squares have a great toffee taste like classic Christmas crack but the caramel is smooth and creamy instead of hard.
These chocolate caramel bars are much easier on the teeth than the traditional Christmas toffee.
To make these dessert bars I started by placing Oreo Thins in a single layer on a cookie sheet.
Oreo Thins are just like Oreos but about half as thick.
I melted some brown sugar and butter in a saucepan and then brought them to a boil.
Chocolate Caramel Oreo Bars are an easy decadent recipe using Oreo Thins cookies. The Oreos are topped with creamy caramel and a mixture of semi-sweet and white chocolate. These delicious chocolate caramel squares are a great Christmas dessert recipe.
Ingredients
- 10.1 oz pkg Oreo Thins
- 2 cups salted butter
- 2 cups golden brown sugar
- 1 1/2 cups semi-sweet chocolate chips
- 1 cup white chocolate chips
Instructions
- Preheat oven to 400F.
- Place the Oreo Thins in a single layer on a 10 x 15 inch cookie sheet spreading them out evenly.
- In a large sauce pot over medium heat melt the butter and brown sugar.
- Once the butter is fully melted increase heat and bring mixture to a boil.
- Allow the butter and sugar mixture to boil for three and a half minutes without stirring.
- Immediately pour the butter and sugar mixture over the Oreos being sure to cover all of the cookies.
- Place the cookie sheet in the oven and bake for six minutes.
- Remove the pan from the oven and allow the caramel to cool for three minutes before sprinkling the semi-sweet and white chocolate chips on top.
- Allow the chocolate chips to melt for 4-5 minutes and then use a rubber spatula to spread out the chocolate.
- Place the baking sheet in the fridge for at least two hours so that the chocolate can harden.
- Cut the bars into the desired shape. I cut mine into irregular shapes so that it would look like bark but you could also cut them into squares or rectangles.
- When you are cutting the square be sure to cut all the way down through the Oreos at the bottom.
- Serve and enjoy!
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