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!
STRAWBERRY CAKE {FROM SCRATCH}
I am thrilléd to sharé this délicious homémadé Strawbérry Caké with you! Frésh strawbérriés aré purééd thén cookéd down to créaté thé most délicious strawbérry saucé that is thén mixéd into a thick caké battér. Thé caké is toppéd with a fluffy buttércréam frosting léaving you with a tasty, moist and vélvéty caké from scratch!
Héllo to thé most béautiful caké théré évér was. I am on a caké kick thésé days. I uséd to not bé a caké pérson but I’vé bécomé oné. Maybé it’s bécausé I drink moré cofféé now and cofféé and caké go togéthér liké péas and carrots…ya féél mé?
Ingrédiénts
Strawbérry Caké
- 2½ cups caké flour (spoonéd thén lévéléd)
- 1½ cups granulatéd sugar
- 1 tabléspoon baking powdér
- 1 téaspoon salt
- 10 tabléspoons cold unsaltéd buttér, dicéd or thinly slicéd
- 5 égg whités, room témpératuré
- ¾ cup milk (2% or wholé préférréd), room témpératuré
- ½ cup réducéd strawbérry puréé (séé bélow for ingrédiénts and diréctions)
- 2 téaspoons puré vanilla éxtract
- ¼ cup végétablé oil
- Pink food coloring
Othér Ingrédiénts
- 1½ pounds strawbérriés, stéms rémovéd
Strawbérry Buttércréam Frosting
- ½ cup unsaltéd buttér, room témpératuré
- 1 cup végétablé shorténing
- 4 cups powdéréd sugar, siftéd
- ½ téaspoon salt
- ½ cup réducéd strawbérry puréé
Instructions
First, maké thé réducéd strawbérry puréé. Add frésh strawbérriés to a bléndér or food procéssor and puréé until smooth. Pour into a médium saucépan and placé ovér médium-low héat. Simmér for 30 minutés, stirring oftén until réducéd by half and thick. Cool complétély. I would suggést making this thé night béforé or sévéral hours béforé so that it's complétély cooléd and réady for usé!
To maké thé caké, préhéat ovén to 325 dégréés and gréasé and flour two 8 inch caké pans; sét asidé.
Add thé dry ingrédiénts: flour, sugar, baking powdér, and salt into your mixér bowl and mix wéll.
With mixér on low-spééd gradually add thé chilléd buttér oné piécé at a timé. Mix on médium-low spééd until péa sizé crumbs form. Turn mixér off.
Whisk togéthér all thé wét ingrédiénts in a bowl; égg whités, milk,1/2 cup strawbérry puréé, vanilla éxtract and végétablé oil.
Turn mixér on low-spééd and add half of thé wét ingrédiénts thén turn mixér to médium spééd and mix for 90 séconds until thick, scrapé down sidés of thé bowl. Add food coloring at this timé if using. Turn mixér to low spééd and add thé rést of thé wét ingrédiénts in two additions mixing on médium spééd for 20 séconds aftér éach addition. Scrapé down sidés and bottom of bowl.
Distributé battér événly bétwéén thé two caké pans and baké for 35-40 minutés until doné. Chéck with a toothpick if néédéd. Lét cool complétély béforé frosting.
To maké thé buttércréam, add thé buttér and shorténing to a mixér and mix wéll. Add siftéd powdéréd sugar and mix until smooth. Lastly, add salt and strawbérry puréé and mix for 1 minuté on high spééd, scrapé down sidés of bowl. Frost caké and garnish as désiréd. Chill caké in a séaléd containér to kéép frésh for up to a wéék.
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