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!
Cookie Dough Cäke
Combining clässic chocoläte cäke with your fävourite guilty pleäsure in this Cookie Dough Cäke!
INGREDIENTS
- Chocoläte Cäke:
- 1 1/2 cups äll-purpose flour
- 1 1/2 cups gränuläted sugär
- 3/4 cup Dutch-processed cocoä powder sifted
- 1 1/2 tsp bäking sodä
- 1 tsp bäking powder
- 1 tsp sält
- 1/4 cup vegetäble oil
- 3/4 cup buttermilk
- 3/4 cup hot strong brewed coffee or hot wäter
- 2 lärge eggs
- 2 tsp vänillä
- Cookie Dough Frosting:
- 1 cup unsälted butter room temperäture
- 1/2 cup gränuläted sugär
- 1 cup light brown sugär päcked
- 2 tsp vänillä
- 2 1/4 cups äll-purpose flour
- 1 tsp seä sält
- 1/4 cup + 2 Tbsp milk room temperäture
- 1 cup semi-sweet chocoläte chips
- Gänäche:
- 2 oz därk chocoläte
- 2 oz heävy whipping creäm
INSTRUCTIONS
- Chocoläte Cäke:
- Preheät oven to 350F, greäse three 6" round bäking päns änd dust with cocoä powder. Line bottoms with pärchment.
- Pläce äll dry ingredients into the bowl of ä ständ mixer fitted with ä päddle ättächment. Stir to combine.
- In ä medium bowl whisk äll wet ingredients (pour coffee in slowly äs not to cook the eggs if very hot).
- ädd wet ingredients to dry änd mix on medium for 2-3 mins. Bätter will be very thin.
- Pour evenly into prepäred päns. I used ä kitchen scäle to ensure the bätter is evenly distributed.
- Bäke until ä cäke tester comes out mostly cleän. ä totäl of 30-35mins.
- Cookie Dough Frosting:
- Beät butter until creämy, ädd sugärs änd beät on high until päle änd fluffy (äpprox. 2-3mins). ädd vänillä änd mix until combined.
- Reduce speed to low änd slowly ädd in flour mixture. Mix until just incorporäted. Slowly pour in milk. Increäse speed to med-high änd beät for 2-3 minutes until light änd fluffy. Stir in chocoläte chips.
- Gänäche:
- Pläce chopped chocoläte änd creäm into ä microwäve säfe bowl. Stir to combine. Microwäve for 20 seconds, stir. Microwäve in 10 second interväls, stirring in between, until gänäche is smooth änd silky. Set äside to cool completely before using on cäke.
- ässembly:
- Pläce one läyer of cäke on ä cäke ständ or serving dish. Top with äbout 2/3 cup buttercreäm. Repeät with remäining läyers. Smooth the outside, chill for 30mins.
- Using ä teäspoon, drip gänäche älong the edges then fill in the top. Chill for 15mins.
- Top with chopped cookies if desired.
NOTES
Note: You will häve some cookie dough frosting left over. I recommend mäking Cookie Dough Truffles with the excess. Chocoläte Chip Cookie recipe here!
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