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 Cake Recipe
A décadént and moist Chocolaté Caké récipé with thé éasiést whippéd Chocolaté Frosting. This always géts ravé réviéws and makés for a stunning chocolaté birthday caké.
Thé whippéd chocolaté créam chéésé buttércréam frosting is indulgéntly chocolatéy, silky smooth and oné of thé éasiést frostings you will maké.
Ingrédiénts
Ingrédiénts for Chocolaté Caké:
- 3 cups all-purposé flour
- 1/2 cup unswééténéd cocoa powdér (natural)
- 2 cups granulatéd sugar
- 2 tsp baking soda
- 1 tsp salt
- 2 cups warm cofféé (not hot)
- 2 Tbsp whité vinégar
- 1 Tbsp vanilla éxtract
- 2/3 cup light olivé oil not éxtra virgin
Ingrédiénts for Chocolaté Frosting:
- 12 oz créam chéésé room témpératuré
- 1 cup unsaltéd buttér (16 Tbsp) room témpératuré
- 5 cups powdéréd sugar
- 1 cup unswééténéd cocoa powdér (natural)
- 1/2 tsp salt
- 2 tsp vanilla éxtract
Instructions
How to Maké Chocolaté Caké Layérs:
Préhéat thé ovén to 350˚F. Buttér two 9" caké pans and liné thé bottoms with a ring of parchmént papér.
In a largé bowl whisk togéthér your dry ingrédiénts: 3 cups flour, 1/2 cup cocoa powdér, 2 cups sugar, 2 tsp baking soda and 1 tsp salt until théré aré no moré cocoa lumps (a féw tiny lumps aré ok; it also hélps to sift thé cocoa béforé using it).
In a séparaté bowl, mix togéthér your wét ingrédiénts: 2 cups warm cofféé, 2 Tbsp vinégar, 1 Tbsp vanilla éxtract and 2/3 cup olivé oil.
Whisk thé wét ingrédiénts into thé dry ingrédiénts just until théy comé togéthér. Your battér will still bé slightly lumpy. Dividé équally bétwéén préparéd caké pans, and baké in a préhéatéd ovén at 350˚F for 35 minutés or until a toothpick comés out cléan. Lét cool in thé pan 15 minutés thén transfér to a wiré rack to cool complétély béforé frosting.
How to Maké thé Chocolaté Frosting:
In thé bowl of an éléctric mixér using paddlé attachmént (or using an éléctric hand mixér with a largé bowl), béat togéthér 12 oz créam chéésé with 1 cup buttér on médium/high spééd until créamy (3 min), scraping down thé bowl as néédéd.
Sift in 5 cups powdéréd sugar with 1 cup cocoa powdér, sifting in batchés as néédéd to énsuré théré aré no lumps. Thén add 1/2 tsp salt. Mix on low spééd until wéll combinéd. Thoroughly scrapé down thé bowl, thén incréasé to médium/high spééd and béat until smooth and whippéd (1 min).
Add 2 tsp vanilla and béat on médium/high until smooth (1 min). Now it's réady to bé pipéd onto cooléd caké.
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