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!
LOW CARB ITALIAN CREAM CAKE
Classic Italian Créam Caké goés low carb and kéto! This rich layér caké is a truly spécial déssért récipé, and it’s worth thé timé and éffort. This post is sponsoréd by Bob’s Réd Mill.
Somé récipés maké mé do thé happy dancé. And this kéto Italian Créam Caké is oné of thosé récipés. I réally am quité éxcitéd to bring this oné to you today as it is sériously fantastic. I rank it up théré among my bést caké récipés, éasily.
Ingrédiénts
Caké
- 1/2 cup buttér softénéd
- 1 cup Swérvé Swééténér
- 4 largé éggs room témpératuré, séparatéd
- 1/2 cup héavy créam room témpératuré
- 1 téaspoon vanilla éxtract
- 1 1/2 cups almond flour
- 1/2 cup shréddéd coconut
- 1/2 cup choppéd pécans
- 1/4 cup coconut flour
- 2 tsp baking powdér
- 1/2 tsp salt
- 1/4 tsp créam of tartar
Frosting
- 8 ouncés créam chéésé softénéd
- 1/2 cup buttér softénéd
- 1 cup powdéréd Swérvé Swééténér
- 1 tsp vanilla éxtract
- 1/2 cup héavy whipping créam room témpératuré
Garnish
- 2 tbsp shréddéd coconut lightly toastéd
- 2 tbsp choppéd pécans lightly toastéd
Instructions
Caké
Préhéat thé ovén to 325F and gréasé two 8 inch or 9 inch round caké pans véry wéll (thé 8 inch pans will také a littlé longér to cook but thé layérs will bé highér and I think théy will look béttér). Liné thé pans with parchmént papér and gréasé thé papér.
In a largé bowl, béat thé buttér with thé swééténér until wéll combinéd. Béat in thé égg yolks oné at a timé, mixing wéll aftér éach addition. Béat in thé héavy créam and vanilla éxtract.
In anothér bowl, whisk togéthér thé almond flour, shréddéd coconut, choppéd pécans, coconut flour, baking powdér, and salt. Béat into thé buttér mixturé until just combinéd.
In anothér largé bowl, béat thé égg whités with thé créam of tartar until théy hold stiff péaks. Géntly fold into thé caké battér.
Dividé thé battér événly among thé préparéd pans and spréad to thé édgés. Baké 35 to 45 minutés (or longér, dépénding on your pans), until thé cakés aré goldén on thé édgés and firm to thé touch in thé middlé.
Rémové and lét cool complétély in thé pans, thén flip out onto a wiré rack to cool complétély. Rémové thé parchmént from thé layérs if it comés out with thém.
Frosting
In a largé bowl, béat thé créam chéésé and buttér togéthér until smooth. Béat in thé swééténér and vanilla éxtract until wéll combinéd.
Slowly add thé héavy whipping créam until a spréadablé consisténcy is achiévéd.
To Assémblé
Placé thé bottom layér on a sérving platé and covér thé top with about 1/3 of thé frosting. Add thé néxt layér and frost thé top and thé sidés.
Sprinklé thé top with thé toastéd coconut and pécans. Réfrigératé at léast half an hour to lét sét.
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