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!
Lemon Cheesecake Mousse
Lemon Cheesecake Mousse
Soft, light and delicious this lemon mousse is the ultimate spring summer dessert. Made with a graham cracker base and a smooth, silky and luscious whipped cheesecake topping it’s pretty hard to resist!
Lemon Cheesecake Mousse
A bright, luscious, rich and heavenly dessert that's perfect for spring and summer.
Course: Dessert
Cuisine: American
Keyword: Individual Cheesecakes
Prep Time: 30 minutes
Total Time: 30 minutes
Servings: 8 -10 servings
Calories: 447 kcal
Author: Jaclyn
Ingredients
Crust
- 3/4 cup crushed graham crackers (6 full sheets)
- 2 Tbsp (26g) granulated sugar
- 3 Tbsp (42g) salted butter, melted
Mousse
- 2 1/2 Tbsp fresh lemon juice
- 1 1/2 Tbsp water
- 1 1/2 tsp unflavored gelatin powder
- 1 1/2 cups (355ml) heavy cream
- 1 cup (110g) powdered sugar, divided
- Yellow food coloring (optional)
- 12 oz (340g) cream cheese, softened
- 1 (10 oz) jar lemon curd (tested with Dickenson's)
- Sweetened whipped cream , lemon wedges, blueberries and mint for garnish (optional)
Instructions
- In a mixing bowl whisk together graham cracker crumbs and sugar. Pour in butter and stir until evenly moistened. Divide mixture among 8 - 10 dessert cups and lightly press into an even layer, set aside.
- Pour lemon juice and water into a small bowl. Sprinkle gelatin evenly over top, let rest 5 minutes. Meanwhile, whip heavy cream in a medium mixing bowl until soft peaks form.
- Add in 1/3 cup of the powdered sugar, tint with yellow food coloring if desired and whip until stiff (but not lumpy) peaks form (shake cream from beaters, no need to clean). In a separate large mixing bowl whip cream cheese until smooth and fluffy. Mix lemon curd and remaining 2/3 cup powdered sugar into cream cheese mixture.
- Heat rested gelatin mixture in the microwave on high power for 30 seconds. Whisk for 1 minute to thoroughly dissolve gelatin, then let cool 3 minutes (no longer or it may start to set then you could end up with little lumps in the mousse).
- While mixing cream cheese mixture with hand mixer, slowly pour in gelatin mixture then blend until thoroughly combined. Gently fold 1/3 of the whipped cream mixture into the cream cheese mixture to lighten, then add remaining whipped cream and gently fold until combined.
- Spoon or pipe mixture into dessert cups over graham cracker layer. Cover and refrigerate 2 hours (or up to 1 day ahead if desired) to set. Garnish as desired. Serve cold.
- Recipe source: Cooking Classy
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