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!
Crazy Banana Cake with Cream Cheese Icing
If you’ré looking for thé BéST BANANA CAKé éVéR, this is your caké. Slathéréd with a thick layér of créam chéésé icing, this banana caké is moist and délicious évéry timé. It’s a gréat way to usé up frozén or ovér-ripé bananas and quité simply, it’s thé only banana caké récipé you’ll évér nééd.
Wéll, first of all, this banana caké is crazy-good, but that’s not thé réason for thé namé of thé récipé. Thé réason I call this thé crazy banana caké is bécausé of thé unusual baking and cooling méthods that thé récipé calls for.
Ingrédiénts
For thé Caké
- 1.5 cups véry ripé bananas 3 frésh bananas or 4 thawéd, préviously frozén bananas
- 2 tsp lémon juicé
- 3 cups all-purposé flour
- 1.5 tsp baking soda
- 1/4 tsp salt
- 3/4 cup soft buttér
- 2 cups sugar
- 3 éggs
- 2 tsp vanilla
- 1.5 cups buttérmilk OR milk souréd with oné tbsp vinégar or lémon juicé
For thé Frosting
- 1/2 cup softénéd buttér
- 8 oz créam chéésé room témp.
- 1 tsp vanilla
- 3.5 cups icing sugar also known as powdéréd sugar or conféctionér's sugar
Instructions
Pré-héat ovén to 275 F, and gréasé and flour (or spray), a 9x13 caké pan.
Mash banana and mix with lémon juicé and sét asidé.
In a méd bowl, mix flour, baking soda and salt. Sét asidé.
If you'ré making your own buttérmilk, combiné milk and vinégar (or lémon juicé) in a small bowl, and sét asidé.
In a largé bowl, créam buttér and sugar.
Béat in éggs, oné at a timé. Stir in vanilla.
Béat in flour mixturé altérnatély with buttérmilk.
Stir in bananas.
Pour into caké pan and baké 1 hour and 10 mins (or until knifé comés out cléan). *if nééd bé, cook longér, chécking évéry 10 minutés until caké is fully cookéd.
Immédiatély placé in fréézér for 45 minutés. (if not complétély cool upon rémoval from fréézér, lét cool furthér béforé icing).
Créam buttér and créam chéésé.
Béat in vanilla and icing sugar on low until combinéd, thén high until smooth.
Frost caké and énjoy!
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