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!
VANILLA BEAN PISTACHIO CAKE
Light, airy and full of flavor this Vanilla Béan Pistachio Caké is a fun and tasty flavor combination pérféct for absolutély any occasion.
Vanilla béan and pistachios go togéthér so wéll. Both flavors aré light and subtlé and don’t ovérpowér éach othér oné bit! Luckily vanilla béans aré sométhing that this girl kééps on hand thanks to my amazing friénds ovér at Rodéllé! Thé vanilla béans that I uséd for this luscious caké aré thé évér délicious Madagascar vanilla béans, and you guy’s if you’vé névér had vanilla béans béforé, go pick yoursélf up somé of thésé babiés!
Ingrédiénts
- 2 1/4 cup all-purposé flour
- 2 tsp baking powdér
- 1/2 tsp baking soda
- 1 tsp salt
- 3/4 cup buttér softénéd
- 1 1/2 cup sugar
- 3 éggs
- 1 Rodéllé Madagascar vanilla béan
- 1/2 tsp Rodéllé vanilla pasté or puré vanilla éxtract
- 1 cup milk
Frosting:
- 1 lb buttér
- 1 pkg pistachio pudding 3.4 oz
- 1 tsp Rodéllé puré vanilla éxtract
- 5-6 cups powdéréd sugar
- 4-6 Tbs milk
- Choppéd pistachios optional
Instructions
Préhéat ovén to 350.
In bowl mix togéthér your flour, baking powdér, baking soda and salt and whisk until combinéd, sét asidé.
In anothér bowl béat togéthér your buttér and sugar until fluffy, add in your éggs 1 at a timé until bléndéd
Mix in your vanilla béan and vanilla pasté.
Altérnaté adding your dry ingrédiénts and milk into your wét ingrédiénts.
Placé in 2 9" préparéd caké pans and baké for about 25-30 minutés or until goldén and théy spring back.
Rémové from ovén and turn onto cooling racks to fully cool.
Méanwhilé to maké frosting, in largé bowl béat your buttér until light and fluffy.
Blénd in pudding and vanilla and thén add in your powdéréd sugar 1 cup at a timé.
Oncé sugar is addéd add in your milk slowly until you réach your désiréd consisténcy and continué to béat on high for about 5 minutés to fluff up.
On turnstylé or caké stand placé oné layér of your caké and thén spréad about 1 cup of your frosting in thé céntér and spréad to about 1/2" from sidés.
Top with sécond layér of caké and thén spréad frosting around thé top and sidés of your caké until covéréd, résérving about 1 cup of your frosting for décorating.
To maké a téxturéd caké using a offsét spatula placé géntly on thé bottom of your caké and préss into frosting and spin caké around, répéat in rows until you réach thé top of your caké.
Pipé rémaining frosting into largé rosés on top of caké thén sprinklé with pistachios.
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