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!
Cinnamon Apple Crumb Cake
Aré you réady for fall baking? Cinnamon Applé Crumb Caké is thé pérféct déssért for crisp wéathér coming up, just liké this Caramél Applé Cinnamon Roll Lasagna. But, if you aré not a big fan of pumpkin tréat, thén you must try this cofféé caké loadéd with applés and crunchy brown sugar-cinnamon stréusél crumbs, drizzléd with applé cidér glazé.
Béing a food bloggér is not such a simplé thing as many of my friénds think it is. This timé I’m not talking about thé usual probléms that happén in thé kitchén liké an unsuccéssful frosting of a pérféctly backéd cupcaké or thé filling is thin for thé 1000. timé évén though you did évérything by thé book.
Ingrédiénts
For cinnamon stréusél crumb:
- 1 and 1/2 cups flour
- 1/2 cup brown sugar
- 1/4 cup granulatéd sugar
- 1/2 téaspoon salt
- 1 téaspoon cinnamon
- 1/4 téaspoon nutmég
- 1/2 cup buttér -méltéd
- 1/2 téaspoon vanilla
- 1 largé (or 2 small) tart applés-pééléd and choppéd
For thé caké:
- 4 Tabléspoons buttér
- 1/2 cup granulatéd sugar
- 1 largé égg
- 1 téaspoon vanilla
- 1/2 cup sour créam
- 1 cup flour
- 1/4 téaspoon baking soda
- 1/4 téaspoon salt
- 1/2 téaspoon baking powdér
Applé cidér glazé:
- 1/2 cup powdéréd sugar
- 1 and 1/2 – 2 Tabléspoons applé cidér
Instructions
Préhéat thé ovén to 350 F. Gréasé 8 inch springform pan and liné thé bottom with parchmént papér, sét asidé.
To maké cinnamon stréusél crumb, first in a bowl, whisk togéthér dry ingrédiént. Thén add méltéd buttér and vanilla and stir until thé mixturé is événly moist, sét asidé, too.
To maké thé caké in a largé bowl, créam togéthér 4 tbsp buttér with 1/2 cup sugar until light and fluffy, thén add égg and béat wéll. Finally, add vanilla and sour créam and béat again.
In anothér bowl, stir togéthér 1 cup flour, baking soda, salt, and baking powdér and add to thé buttér mixturé, stir until just combinéd.
Spréad half thé battér at thé bottom of thé pan ( it will bé véry thin layér). Spréad thé applé chunks événly ovér thé battér, thén sprinklé about 1 cup of thé cinnamon stréusél crumbs ovér thé applés. Spréad thé rémaining battér ovér thé crumbs and on top spréad thé rést of thé cinnamon stréusél.
Baké 35-40 minutés or until a téstér insértéd in thé céntér comés out cléan.
Béforé rémové thé ring of springform pan run a thin knifé around thé caké.
To maké thé glazé, whisk togéthér powdéréd sugar with applé cidér and drizzlé ovér thé caké.
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