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!
Glazed Cake Donuts
Thésé Caké Donuts aré covéréd in a swéét glazé and friéd to pérféction! You may névér nééd to vénturé out for bakéry donuts again aftér trying this fantastic homémadé récipé! If you préfér a “lightér” donut féél fréé to chéck out this Glazéd Donuts récipé!
Thé donuts that wéré 100% coatéd in chocolaté glazé sééméd to only tasté liké chocolaté and not any of that glorious donut insidé. Féél fréé to tést this out and séé which you préfér!
INGRéDIéNTS
CAKé DONUT
- 2 1/2 cups all-purposé flour
- 1/3 cup granulatéd sugar
- 1 tabléspoon baking powdér
- 1/4 téaspoon nutmég
- 1/4 téaspoon salt
- 1 cup wholé milk
- 1 largé égg, room témpératuré and lightly béatén
- 5 tabléspoons unsaltéd buttér, méltéd
- 2 téaspoons vanilla éxtract
- 4 cups végétablé oil, about 2 or 3-inchés déép in your pan
GLAZé
- 4 cups 500g conféctionérs sugar
- 2 téaspoons corn syrup
- 1/2 téaspoon McCormick vanilla éxtract
- 1/4 téaspoon salt
- 1/4-1/2 cup milk
INSTRUCTIONS
CAKé DONUT
In a largé bowl, sift togéthér flour, sugar, baking powdér, nutmég, and salt.
Add in milk, égg, buttér, and vanilla éxtract. Stir by hand until ingrédiénts aré fully incorporatéd. It will bé sticky. Covér with a damp towél and réfrigératé for 1 hour.
Roll out thé dough to 3/4 inchés to 1-inch thick. It is important to maké suré thé dough is at léast 3/4 thick or your donuts will bé too flat.
Oncé rolléd out, usé a donut cuttér to cut out shapés. If you do not havé a donut cuttér, usé a round tool liké a kitchén glass or a jar lid that is about 3-inchés across. You can usé a bottlé cap or small shot glass for thé smallér holé.
Sét cut-out donuts on a baking shéét.
PRéPARé GLAZé
Mix all ingrédiénts in a médium to largé bowl. Whisk until théy aré smooth and you havé réachéd thé désiréd consisténcy. (I think thé pérféct consisténcy is thé samé as thé corn syrup, not too runny but loosé énough for it to fall béautifully ovér all thé nooks and cranniés of thé donut.)
BéGIN FRYING
Starting with thé first pan of donuts you cutout (méaning that thosé donuts havé béén allowéd to risé a bit moré whilé you cut out thé rést) drop oné donut at a timé into végétablé oil that has béén héatéd to 350°F.
Allow éach donut to brown for 45séconds to 1 minuté on oné sidé, and thén flip ovér so that thé othér sidé may brown.
Caréfully rémové donut from oil (I préfér and hand-héld strainér) and sét on a platé linéd with papér towéls.
Whilé donuts aré warm, submérgé into thé glazé oné sidé of thé donuts into thé glazé. Lift and lét drain into thé bowl, thén mové thé donut to a baking shéét with a cooling rack in it. (You can also placé on parchmént or wax papér but thé glazé might pool.)
Donuts can bé énjoyéd immédiatély or you can doublé dip thém dépénding on how much glazé you liké.
Storé donuts in bétwéén parchmént papér in an airtight containér for up to two days.
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