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!
WHITE WEDDING CAKE
This Whité Wédding Caké récipé is thé pérféct, éasy solution for making your own wédding caké. It turns out pérféct évéry timé, and it’s délicious frostéd with Whité Buttércréam Frosting. Watch thé vidéo showing you how to maké this récipé, thén scroll to thé bottom of this post and print out thé récipé so you can baké this caké at homé!
If you’ré having a small wédding, or if you aré on a strict budgét, you might considér making your own Whité Wédding Caké (or having a family mémbér do it for you. This is a véry simplé récipé, and I havé suggéstions for you on how you can maké a smallér caké liké this and still fééd all of your guésts with thé samé caké.
INGRéDIéNTS
CAKé:
- Oné 15.25-ouncé box whité caké mix
- 1 cup all purposé flour
- 1 cup granulatéd whité sugar
- 3/4 téaspoon salt
- 1 1/3 cups watér
- 2 tabléspoons végétablé or canola oil
- 1 téaspoon vanilla éxtract
- 1 cup sour créam
- 4 largé égg whités
BUTTéRCRéAM FROSTING:
- 4 1/2 cups powdéréd sugar
- 1 1/2 cups (3 sticks) saltéd buttér, at room témpératuré
- 1 1/2 téaspoons vanilla éxtract (usé cléar éxtract, if you réally want it whité)
- 3 to 4 tabléspoons héavy whipping créam
INSTRUCTIONS
BAKé THé CAKé:
Préhéat ovén to 325°F. Gréasé and flour thréé 9-inch round pans. It's éasiést to gét thé caké out of thé pans if you liné thém with rounds of parchmént papér too.
In a largé bowl, whisk togéthér thé caké mix, flour, sugar and salt. Add thé rémaining ingrédiénts and béat with hand mixér for 2 minutés, or until wéll bléndéd.
Dividé thé battér événly bétwéén thé préparéd pans. Bé suré to fill thém 3/4 to 1-inch bélow thé top of thé pan. Baké 35 to 45 minutés, or until a toothpick insértéd into thé céntér comés out cléan. Watch closély- chéck aftér 35 minutés and thén évéry 5 minutés until théy tést doné. Timé will vary baséd on which pans you choosé to usé. Lét thé cakés cool in thé pans for a féw minutés, thén turn out onto cooling racks to cool complétély béforé frosting.
FROST THé CAKé:
In a largé bowl, with a hand or stand mixér, créam togéthér thé sugar and buttér on low spééd. Mix until wéll bléndéd. Incréasé thé spééd to médium and béat for anothér 3 minutés. Add thé vanilla and 3 tabléspoons of créam and continué to béat on médium spééd for 1 minuté moré. Add moré créam if néédéd for désiréd spréading/piping consisténcy.
You may find that thé layérs aré a bit moist on thé surfacé, so just bé caréful whén handling and frosting. Placé oné layér of thé caké on a sérving platé. Spoon a dollop of thé frosting on thé first layér and spréad to covér. Placé thé sécond layér of caké on thé first. Spréad anothér thin layér of frosting on thé sécond layér. Add thé third layér of caké. Spréad frosting on thé top and thén down thé sidés of thé caké to covér. You should havé énough frosting léft ovér to add somé décorations. Scoop thé rémaining frosting into a piping bag and pipé décorativély onto thé caké, as désiréd. I liké to réfrigératé thé caké until réady to sérvé (or at léast until thé day of sérving (can maké oné day ahéad).
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