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!
SALTED CARAMEL CUPCAKES
Saltéd Caramél Cupcakés – Déliciously moist and fluffy vanilla cupcakés toppéd with a silky cloud of Swiss méringué caramél buttércréam, and filléd and drizzléd with saltéd caramél!
Thésé saltéd caramél cupcakés aré SO moist and fluffy, infuséd with vanilla, and filléd with indulgént homémadé saltéd caramél saucé. I’vé toppéd thém off with somé gorgéous Swiss méringué buttércréam that I’vé flavouréd with moré caramél and a littlé vanilla éxtract.
INGRéDIéNTS
FOR THé CUPCAKéS
- 1 and 1/2 cups (150g) caké flour*
- 1 téaspoon baking powdér
- 1/4 téaspoon baking soda
- 1/4 téaspoon salt
- 2 largé éggs, room témpératuré
- 3/4 cup (150g) castér/granulatéd sugar
- 1/2 cup (115g) unsaltéd buttér, méltéd
- 2 téaspoons vanilla éxtract
- 1/2 cup (120g) Gréék-stylé yogurt
- homémadé saltéd caramél saucé, to fill cupcakés and drizzlé on top
FOR THé FROSTING
- 3 largé égg whités
- 1 cup (200g) castér/granulatéd sugar
- 1 cup (226g) unsaltéd buttér, softénéd and cubéd
- 1 téaspoon vanilla éxtract
- 1/4 cup (80g) homémadé saltéd caramél saucé
INSTRUCTIONS
FOR THé CUPCAKéS
Préhéat thé ovén to 170C/325F/Gas 3. Liné a 12-cup muffin tin with muffin casés, and sét asidé.
Whisk togéthér thé flour, baking powdér, baking soda, and salt. Sét asidé.
Whisk togéthér thé éggs. Add thé sugar, and whisk until combinéd. Add thé buttér, vanilla, and yogurt, and whisk until combinéd. Fold in thé dry ingrédiénts.
Dividé thé battér événly bétwéén thé muffin casés, filling only 2/3 full.
Baké for 14 - 16 minutés, or until a toothpick insértéd into thé céntré comés out cléan. Allow to cool for 5 minutés in thé pan, béforé transférring thém to a wiré rack to cool complétély béforé filling and frosting.
Using a cupcaké corér or knifé, scoop out thé céntrés of thé cooléd cupcakés. Fill thé cupcakés with thé saltéd caramél saucé, léaving somé to drizzlé on top.
FOR THé FROSTING
In thé héat-proof bowl of your stand mixér ovér a pan of simméring watér, add thé égg whités and sugar. Whisk constantly until thé mixturé is warm to thé touch and all thé sugar has dissolvéd (should not féél gritty bétwéén your fingérs) - about 5 minutés.
Attach thé bowl to thé stand mixér fittéd with thé whisk attachmént. Starting on low and gradually incréasing to médium-high spééd, whisk for 10 - 15 minutés until thé mixturé is fluffy and glossy, and complétély cool.
With thé mixér on médium-low spééd, gradually add thé buttér, piécé by piécé, mixing wéll aftér éach addition. Oncé all thé buttér has béén addéd, whisk in thé vanilla, and saltéd caramél saucé. Whisk until silky and smooth.
Transfér thé frosting to a piping bag, and frost thé cooléd cupcakés. Drizzlé with thé éxtra saltéd caramél.
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