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!
THE MOST AMAZING CHOCOLATE CAKE RECIPE
The Most Amazing Chocolate Cake is here. I call this my Matilda Cake because I swear it's just as good as the cake that Bruce Bogtrotter ate in Matilda. Moist, chocolatey perfection. This is the chocolate cake you've been dreaming of.
Ingredients
- The Most Amazing Chocolate Cake
- butter and flour for coating and dusting the cake pan
- 3 cups all-purpose flour
- 3 cups granulated sugar
- 1½ cups unsweetened cocoa powder
- 1 tablespoon baking soda
- 1½ teaspoons baking powder
- 1½ teaspoons salt
- 4 large eggs
- 1½ cups buttermilk
- 1½ cups warm water
- ½ cup vegetable oil
- 2 teaspoons vanilla extract
- Chocolate Cream Cheese Buttercream Frosting
- 1½ cups butter, softened
- 8 oz cream cheese, softened
- 1½ cups unsweetened cocoa powder
- 3 teaspoons vanilla extract
- 7-8 cups powdered sugar
- about ¼ cup milk (as needed)
Instructions
- The Most Amazing Chocolate Cake
- Preheat oven to 350 degrees. Butter three 9-inch cake rounds. Dust with flour and tap out the excess.
- Mix together flour, sugar, cocoa, baking soda, baking powder, and salt in a stand mixer using a low speed until combined.
- Add eggs, buttermilk, warm water, oil, and vanilla. Beat on a medium speed until smooth. This should take just a couple of minutes.
- Divide batter among the three pans. I found that it took just over 3 cups of the batter to divide it evenly.
- Bake for 30-35 minutes until a toothpick inserted into the center comes out clean.
- Cool on wire racks for 15 minutes and then turn out the cakes onto the racks and allow to cool completely.
- Frost with your favorite frosting and enjoy!
- Chocolate Cream Cheese Buttercream Frosting
- In a large bowl, beat together butter and cream cheese until fluffy. Use a hand mixer or stand mixer for best results
- Add in cocoa powder and vanilla extract. Beat until combined.
- Beat in powdered sugar, 1 cup at a time. Add milk as necessary to make a spreadable consistency. The frosting should be very thick and will thicken even more if refrigerated.
Notes
METRIC MEASUREMENTS:
butter and flour for coating and dusting the cake pan
450 grams all-purpose flour
650 grams granulated sugar
155 grams unsweetened cocoa powder
17 grams baking soda
8 grams baking powder
11 grams salt
4 large eggs
350 ml buttermilk
350 ml warm water
115 ml vegetable oil
10 ml vanilla extract
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