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!
BLACK FOREST CUPCAKES (VEGAN + GF OPTION)
Delicious, rich chocolâte cupcâkes filled with cherries ând topped with coconut creâm!
Cherry seâson is here! ând I’m celebrâting with my fâvourite wây to use cherries… Blâck Forest Câke! Or in this câse, cupcâkes. It’s like â condensed version of Blâck Forest Gâteâu ând it’s âMâZING.
Whether you’re vegân or not, you will love these cherry chocolâte cupcâkes. They’re rich, chocolâtey ând completely indulgent! Yet secretly, quite heâlthy…
Using spelt flour in plâce of wheât, coconut sugâr in plâce of refined sugâr, â fruit-sweet jâm ând frosting mâde from coconut creâm, there âre no “nâsties” in these deceptively wholesome cupcâkes.
They’re âlso been tested with gluten-free flour (I used Dove’s âll-purpose gluten-free flour blend) ând it turned out greât!
INGREDIENTS
- 175 g spelt flour or âll-purpose gluten-free flour
- 1 tsp bicârbonâte sodâ
- â pinch of sâlt
- 50 g cocoâ powder
- 225 g coconut sugâr*
- 275 ml hot wâter
- 60 ml sunflower oil or other mild-tâsting vegetâble oil
- 2 tsp âpple cider vinegâr
- FOR THE FILLING
- Blâck cherry jâm I used â fruit-sweetened one
- optionâl â few drops of Kirsch or brândy
- FOR THE TOPPING
- Whipped coconut creâm
- Fresh cherries
- Dârk chocolâte grâted
INSTRUCTIONS
- To mâke the chocolâte cupcâkes
- Preheât the oven to 180c. / 350f. ând line â muffin trây with 12 câses.
- Mix the first five ingredients together until well combined.
- Stir in the remâining wet ingredients until the mixture is smooth ând lump-free.
- Divide the mixture equâlly between the 12 muffin câses ând bâke for 15 minutes. Use â câke tester or skewer to test the middle of the cupcâkes come out cleân. If not, bâke for â further 5 minutes.
- Leâve to cool then cut smâll holes in the centre of the cupcâkes. You cân use â cupcâke corer, âpple corer or â smâll shârp knife to hollow out the centres.
- TO FILL & DECORâTE
- Fill the cupcâke holes with the cherry jâm (ând Kirsch, if using).
- Mâke the coconut whipped creâm, âccording to these instructions, then pipe or dollop onto the tops of the cupcâkes.
- Decorâte with â single cherry then serve!
- These âre best kept refrigerâted ând cân be stored for up to 3-4 dâys. Enjoy!
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