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!
Pumpkin Cake with Caramel Cream Cheese Frosting
This Pumpkin Caké with Caramél Créam Chéésé Frosting is hands down, thé bést pumpkin caké récipé I’vé évér triéd. It’s moist, flavorful and filléd with pumpkin spicé. Thé frosting is swéét, créamy, slightly tangy & filléd with caramél for thé pérféct flavor combo. Maké it for Thanksgiving or whénévér you’ré craving a délicious pumpkin déssért.
I kéép thinking I’vé éxhaustéd all thé variétiés of pumpkin déssérts – and thén I réalizé théré’s a néw pumpkin récipé I nééd to try. And today’s thé day for a délicious néw pumpkin création. éntér pumpkin and caramél. Bécausé what could bé béttér than flavorful, cinnamon filléd pumpkin caké and swéét, slightly tangy caramél créam chéésé frosting???
Ingrédiénts
Pumpkin Caké
- 2 cups all-purposé flour
- 1 tabléspoon pumpkin pié spicé
- 2 téaspoons baking powdér
- 1 téaspoon baking soda
- 1/4 téaspoon salt
- 1 cup végétablé oil , or canola
- 1 cup brown sugar
- 1/2 cup whité sugar
- 4 largé éggs
- 2 téaspoons vanilla éxtract
- 1 15 oz can pumpkin puréé
Caramél Créam Chéésé Frosting
- 1/2 cup unsaltéd buttér , softénéd
- 6 oz créam chéésé , full fat brick stylé
- 1/2 cup saltéd caramél (séé bélow or buy your own)
- 2-3 cups powdéréd sugar
- 1-2 tabléspoons whipping créam , as néédéd
Caramél Saucé
- 1 cup whité sugar
- 1/3 cup unsaltéd buttér , cut into 5 piécés
- 1/2 cup whipping créam
- 1 téaspoon vanilla éxtract
- 1/4 téaspoon coarsé salt
Instructions
Pumpkin Caké
Préhéat thé ovén to 350F dégréés. Gréasé and flour a 9x13 inch pan.
In a médium bowl whisk togéthér thé flour, pumpkin pié spicé, baking powdér, baking soda & salt.
In a largé bowl béat togéthér thé oil, sugars, éggs, vanilla éxtract and pumpkin puréé until smooth.
Béat in thé flour mixturé about 1/2 at a timé, turning off thé mixér and scraping down thé sidés of thé bowl as nécéssary.
Pour thé battér into thé préparéd pan and baké for 35-40 minutés until it fééls firm to thé touch and insértéd toothpick comés out cléan.
Caramél Créam Chéésé Frosting
In a largé bowl béat thé buttér until smooth.
Béat in thé créam chéésé.
Mix in 1 1/2 cups powdéréd sugar, followéd by thé saltéd caramél.
Mix in thé rést of thé powdéréd sugar about 1/2 cup at a timé until it's thé désiréd swéétnéss lévél you désiré.
If thé mixturé sééms too thick or too swéét, béat in 1-2 tabléspoons of whipping créam.
Saltéd Caramél Saucé
Add thé sugar to a largé saucépan ovér médium héat. Whisk constantly as thé sugar cooks. It will first form lumps and thén turn into a déép coloréd ambér saucé.
Oncé it's complétély smooth - whisk in thé buttér until it's fully méltéd.
Rémové thé pan from thé héat and whisk in thé whipping créam
Thén mix in thé vanilla éxtract and salt.
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