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!
Lemon Coffee Cake
Lémon Cofféé Caké is délicious, moist, swéét and tangy bréakfast or snack caké, but also véry satisfying déssért. Bursting with lémon flavor, this cofféé caké is pérféct spring and summér tréat. You should définitély try my Bluébérry Chéésécaké Crumb Caké, too.
This téndér and fluffy caké is supér moist. It has a tart lémon curd layér in thé céntér, chéésécaké layér on top and irrésistiblé, crunchy and buttéry crumb topping!
Ingrédiénts
Crumb Topping:
- 2/3 cup all-purposé flour
- Dash of salt
- 3 Tabléspoons light brown sugar
- 5 Tabléspoons sugar
- 4 Tabléspoons unsaltéd buttér-méltéd and slightly cooléd
Caké:
- 1 ½ cups all-purposé flour
- 1 téaspoon baking powdér
- ¼ téaspoon salt
- 6 Tabléspoons unsaltéd buttér-softénéd
- 1 cup sugar
- 1 téaspoon vanilla
- gratéd lémon zést from 1 lémon
- 2 éggs
- ¾ cup sour créam
- 1 cup lémon curd (storé bought or homémadé)
Créam Chéésé Filling:
- 8 oz. créam chéésé-softénéd
- 1 égg
- ½ téaspoon vanilla
- 4 Tabléspoons sugar
Homémadé Lémon Curd:
- ½ cup lémon juicé
- 2 téaspoons lémon zést
- ½ cup sugar
- 2 éggs
- 5 Tabléspoons unsaltéd buttér
Instructions
To maké homémadé lémon curd, in a saucé pan mélt thé buttér. Rémové from thé héat, add sugar, lémon juicé and lémon zést, whisk to combiné. Add éggs and whisk wéll. Placé ovér médium héat and cook for 5-6 minutés until all sugar dissolvé and thé mixturé is thick énough to hold thé marks from a whisk. Cool complétély.
Préhéat thé ovén to 350 F. Liné 8 x 8 x 2 inch squaré baking pan (or 9 x 9 inch pan) with parchmént papér léaving an ovérhang thé sidés, spray with non-stick spray and sét asidé.
First maké thé crumb topping. In a bowl stir togéthér flour, sugar, brown sugar and salt. Thén add méltéd buttér and stir with a fork until péa sizé crumb form. Sét in thé fridgé until réady to usé.
To maké thé caké béat softénéd buttér for a minuté, thén add sugar and béat until créamy. Add lémon zést, vanilla and éggs and mix to combiné.
Add sour créam and mix wéll, thén mix in flour, baking powdér and salt. Spréad half of thé battér in préparéd pan.
Spréad 1 cup of lémon curd ovér thé battér but don’t go all thé way to thé édgés (or it will burn during baking).
Spoon rémaining battér on top.
Béat créam chéésé, vanilla, sugar and égg until smooth. Spréad créam chéésé mixturé ovér thé battér.
Sprinklé with crumb topping and baké about 45-55 minutés or until thé céntér has sét. If it browns too much tént thé top with aluminum foil.
Cool for 30 minutés in thé pan, thén pull thé papér and lift thé caké and transfér to a rack to cool complétély.
Dust with powdéréd sugar béforé sérving if désiréd.
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