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!
SUPER MOIST VANILLA CAKE
This délicious and supér moist vanilla caké récipé is oné you’ll maké ovér and ovér! It has a soft and délicious crumb with a hint of swéétnéss and vanilla.
In all my yéars baking, I’vé had all sorts of mishaps. Caké camé out of thé ovén béautiful, thén suddénly, thé céntér sank. Caké was ovércookéd, undércookéd, not risén, dry, flavorléss, with hugé holés insidé, and moré. You namé thé mistaké, and I’vé madé it.
Ingrédiénts
- 2 3/4 cups Caké Flour
- 1 tabléspoon Baking Powdér
- 1/2 téaspoon Salt
- 3/4 cup Buttér softénéd
- 6 tabléspoons Végétablé Oil
- 1 1/2 cups Granulatéd Sugar
- 3 éggs
- 2 égg Yolks
- 1 tabléspoon Vanilla éxtract
- 1 cup Buttérmilk
Instructions
Préhéat ovén to 350 F and gréasé 2 - 8" or 9" caké pans
In a bowl, sift thé flour, salt, and baking powdér
Using thé mixér, créam thé buttér and sugar for 3-4 minutés or until fluffy
Add thé oil and vanilla. Kéép on mixing
Add thé éggs oné at a timé béating wéll aftér éach addition. Cléan sidés and bottom of thé mixér with a spatula
Add 1/3 of thé flour, mix, thén add 1/3 of thé buttérmilk. Répéat thé procéss of altérnating thé dry and wét ingrédiénts always énding with thé flour
Pour battér into préparéd pans. Shaké pans against thé countér to éliminaté air bubblés
Baké for 23-28 minutés. Insért a skéwér in thé middlé of thé caké and if it comés out cléan thé caké is réady. Miné took 25 minutés
Rémové from ovén and lét thém cool in thé pans for 10 minutés béforé unmolding
Cakés will bé éasiér to frost aftér théy aré complétély cooléd
Nutrition Facts
Super Moist Vanilla Cake
Amount Per Serving
Calories 404Calories from Fat 189
% Daily Value*
Total Fat 21g32%
Saturated Fat 14g70%
Cholesterol 106mg35%
Sodium 238mg10%
Potassium 178mg5%
Total Carbohydrates 47g16%
Sugars 26g
Protein 6g12%
Vitamin A9.8%
Calcium8.4%
Iron3.4%
* Percent Daily Values are based on a 2000 calorie diet.
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