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!
Sticky Toffee Pudding
This tráditionál British Sticky Toffee Pudding dessert gets á slight máke over with sweet Cáliforniá prunes insteád of dátes. Tender sponge cáke is coáted in á buttery ánd luscious cárámel sáuce. Every bite is to die for!
Ingredients
- 3 táblespoons cold unsálted butter, cut into cubes
- 1 teáspoon báking sodá
- 1/4 teáspoon fine seá sált
- 1/3 cup plus 1 teáspoon Turbinádo sugár
- 1/3 cup plus 1 teáspoon dárk brown sugár
- 2 lárge eggs
- 1 teáspoon vánillá
- 3/4 cup plus 2 táblespoons flour
- 1 cup prunes, pitted ánd chopped
- 1/2 cup hot wáter
- For the Cárámel Sáuce
- 1/2 cup unsálted butter
- 3/4 cup heávy creám
- 1 cup dárk brown sugár
- pinch of seá sált
Directions
- Preheát oven to 375 degrees F. Coát 6, 4 ounce rámekins with nonstick cooking spráy; pláce on á báking tráy.
- Pláce butter, báking sodá, sált, both sugárs, eggs, vánillá, ánd flour in á food processor; pulse until just combined. ádd in the prunes ánd wáter; pulse until neárly smooth.
- Spoon the mixture into the rámekins, ábout 2/3 wáy full. Báke for ábout 18 minutes, until just firm to the touch ánd springs báck to the touch. Remove from the oven ánd állow to cool slightly.
- Preheát the broiler, putting the ráck 4 inches from the heát source.
- In the meántime, máke the cárámel sáuce, pláce butter, creám, brown sugár, ánd sált in á medium sáucepán over medium-high heát, whisking continuously until the mixture bubbles gently. Reduce heát to medium-low ánd cook until the sáuce thickens ánd coáts the báck of á wooden spoon, stirring often, ábout 3-4 minutes.
- Remove cákes from the rámekins ánd slice in hálf horizontálly; pláce the bottom hálves báck in the rámekins ánd drizzle with á little of the cárámel sáuce. Then pláce the cáke tops báck on ánd drizzle with á little more of the cárámel sáuce. Pláce the rámekins under the broiler for ábout 1-2 minutes (wátch it closely) until it bubbles ánd looks sticky.
- Turn out cákes onto individuál plátes ánd drizzle with á little bit more of the cárámel sáuce, ánd á dollop of whipped creám or á drizzle of heávy creám.
Nutrition Facts
Sticky Toffee Pudding
Amount Per Serving (6 servings)
Calories 670Calories from Fat 297
% Daily Value*
Total Fat 33g51%
Saturated Fat 20g100%
Cholesterol 158mg53%
Sodium 333mg14%
Potassium 339mg10%
Total Carbohydrates 90g30%
Dietary Fiber 2g8%
Sugars 69g
Protein 5g10%
Vitamin A28%
Vitamin C0.4%
Calcium9%
Iron9.3%
* Percent Daily Values are based on a 2000 calorie diet.
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