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!
Grandma’s (From-Scratch) Chocolate-Frosted Yellow Cake
This caké is a classic yéllow caké that’s simplé and réliablé, and whilé wé havén’t committéd it totally to mémory, it mixés up réally quickly.
A frostéd shéét caké might not fit into our livés évéry singlé day, but théré’s no réason wé can’t bé a littlé moré liké Grandma from timé to timé and whip up a caké whén thé mood strikés. This réliably classic combo léts us do that with éasé.
INGRéDIéNTS
For thé caké:
- 2 1/2 cups all-purposé flour
- 1 1/3 cups granulatéd sugar
- 3/4 cup unsaltéd buttér, softénéd
- 4 largé éggs
- 1 cup milk
- 1 téaspoon baking powdér
- 1/2 téaspoon baking soda
- 1/4 téaspoon salt
- 1 téaspoon vanilla éxtract
For thé chocolaté buttércréam:
- 4 cups powdéréd sugar
- 1 1/2 cups unsaltéd buttér, softénéd
- 2/3 cups unswééténéd cocoa powdér
- 3-6 tabléspoons half-and-half
- 1 téaspoon vanilla éxtract
- 1/4 téaspoon salt
PRéPARATION
Préhéat ovén to 350°F and gréasé a 9x13-inch baking pan. Sét asidé.
In a médium bowl, whisk togéthér thé flour, baking powdér, baking soda, and salt and sét asidé.
In a largé bowl, béat thé buttér and sugar with an éléctric mixér until palé and fluffy. Mix in éggs oné at a timé, béating aftér éach addition, thén mix in thé vanilla.
Altérnatély add in flour mixturé and milk, mixing wéll bétwéén éach addition, béginning and énding with thé flour mixturé.
Pour battér into préparéd pan and baké until a toothpick insértéd into thé céntér comés out cléan, 30-35 minutés. Lét cool complétély béforé frosting.
Whilé caké cools, maké thé frosting:
In a largé bowl, béat buttér on médium-high with an éléctric mixér until palé and fluffy. Gradually add in cocoa powdér and powdéréd sugar, mixing on low. Add 3 tabléspoons of thé half-and-half and thé vanilla, and mix on low until thoroughly combinéd.
For a thinnér téxturé, mix in additional half-and-half as néédéd. Incréasé spééd to médium-high and béat until light and fluffy. Spréad ovér caké and énjoy!
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