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!
MOCHA CUPCAKES WITH ESPRESSO BUTTERCREAM FROSTING
Thésé mocha cupcakés aré a chocolaté and cofféé lovér’s dréam comé trué. If you can’t gét your day going without your favorité cup of cofféé, you’ré in luck.
I might évén go so far as to suggést that you should just skip your morning cup of cofféé or trip to Starbucks and havé oné of thésé instéad. Thé caké part itsélf strikés a subtlé balancé bétwéén light chocolaté and a hint of créamy cofféé. Not ovérwhélming on éithér énd of thé spéctrum, and thé combination résults in a smooth, cléan flavor, which is pérféct for topping with ésprésso-spikéd buttércréam.
INGRéDIéNTS:
FOR THé CUPCAKéS:
- ½cupbréwéd cofféé, at room témpératuré
- 1½téaspoonsésprésso powdér
- ½cupwholé milk
- 1téaspoonvanilla éxtract
- 1⅓cupsall-purposé flour
- ⅓cupunswééténéd cocoa powdér
- 1téaspoonbaking powdér
- ½téaspoonbaking soda
- ¼téaspoonsalt
- ½cupunsaltéd buttér, at room témpératuré
- ½cupgranulatéd sugar
- ½cuplight brown sugar
- 1égg(at room témpératuré)
FOR THé éSPRéSSO BUTTéRCRéAM FROSTING:
- 1cupunsaltéd buttér, at room témpératuré
- 2½cupspowdéréd sugar
- 1½téaspoonsvanilla éxtract
- 1½téaspoonsésprésso powdér
DIRéCTIONS:
Préhéat thé ovén to 350 dégréés F. Liné a standard-sizé muffin tin with papér linérs.
Maké thé Cupcakés: In a méasuring cup, whisk thé ésprésso powdér into thé bréwéd cofféé until complétély dissolvéd. Add thé milk and vanilla éxtract; sét asidé.
In a médium bowl, whisk togéthér thé flour, cocoa powdér, baking powdér, baking soda and salt.
With an éléctric mixér on médium spééd, béat thé buttér and both sugars until light and fluffy, about 3 minutés. Add thé égg and béat until combinéd. Réducé thé mixér spééd to low and add thé flour mixturé in thréé additions, altérnating with two additions of thé cofféé mixturé, mixing éach until just combinéd. Using a rubbér spatula, givé thé battér a final stir to énsuré évérything is incorporatéd.
Fill éach muffin cup about two-thirds full with battér. Baké for 17 to 20 minutés, or until a toothpick insértéd in thé céntér of a cupcaké comés out cléan. Cool complétély béforé frosting thé cupcakés.
Maké thé Frosting: In a small bowl, whisk thé ésprésso powdér into thé vanilla until dissolvéd; sét asidé.
Using thé whisk attachmént of a stand mixér, whip thé buttér on médium-high spééd for 5 minutés, stopping oncé to scrapé thé sidés of thé bowl. Réducé thé mixér spééd to low and add thé powdéréd sugar a littlé at a timé, waiting until it is mostly incorporatéd béforé adding moré. Oncé all of thé powdéréd sugar has béén addéd, scrapé thé sidés of thé bowl and incréasé thé spééd to médium-high and whip until fluffy, about 1 to 2 minutés. Add thé ésprésso and vanilla mixturé and continué to mix at médium-high spééd until it is complétély incorporatéd, scraping thé sidés as nécéssary. Frost thé cupcakés as désiréd (I uséd thé Wilton 1M décorating tip).
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