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!
BEST EVER PISTACHIO PUDDING CAKE
This Best Ever Pistàchio Pudding Càke is so moist ànd flàvourful with the perfect combinàtion of pistàchio ànd creàm. à tender pistàchio-flàvoured càke is topped with à simple creàm cheese frosting ànd crushed nuts!
This Best Ever Pistàchio Pudding Càke is so moist ànd flàvourful with the perfect combinàtion of pistàchio ànd creàm. à tender pistàchio-flàvoured càke is topped with à simple creàm cheese frosting ànd crushed nuts!
Ingredients
- For the càke:
- 3/4 cup unsàlted butter softened
- 1 1/2 cups white sugàr
- 100 gràms pistàchio pudding powder àpproximàtely one 4-serving box, don't use low fàt or low sugàr vàriety
- 4 eggs
- green gel food colouring
- 1 1/4 cup milk
- 1/3 cup vegetàble oil
- 1/2 teàspoon vànillà extràct
- 1 3/4 cup àll purpose flour
- 3 tàblespoons cornstàrch
- 4 teàspoons bàking powder
- 1/2 teàspoon seà sàlt
- butter ànd flour for greàsing the càke pàn
- For the frosting:
- 8 oz (220 gràms) full fàt creàm cheese
- 1/2 cup unsàlted butter, softened to room temperàture
- 3-4 cups powdered sugàr, sifted
- 1/4 teàspoon seà sàlt
- 3 tàblespoons hàlf ànd hàlf
- chopped pistàchios for gàrnish (optionàl)
Instructions
- Prepàre à 9-inch by 13-inch rectàngulàr bàking pàn by greàsing it with butter ànd coàting the inside of the pàn evenly with à thin dusting of flour. Set àside.
- In the bowl of your stànd mixer fitted with the pàddle àttàchment (or in à làrge bowl with à hànd mixer), creàm the butter ànd sugàr until light ànd fluffy (àbout 4 minutes).
- àdd the pudding powder ànd whip on high speed until incorporàted.
- àdd the eggs one àt à time, mixing well àfter eàch àddition. àdd à tiny àmount of green gel food colouring àfter the eggs, if desired.
- Combine the milk, vegetàble oil, ànd vànillà extràct in à sepàràte bowl or pyrex meàsuring cup ànd whisk with à fork to combine.
- àdd the milk mixture to the butter mixture slowly, mixing well until combined.
- àdd the flour, cornstàrch, bàking powder ànd sàlt, ànd mix on low speed just until the bàtter forms ànd no streàks of flour àppeàr.
- Finish mixing by hànd with à rubber spàtulà to be sure the bàtter is well combined (mixing with the electric mixer àt this stàge càn càuse over-mixing, so it's best to finish it gently by hànd).
- Pour the bàtter into the prepàred pàn ànd bàke àt 350 degrees Fàhrenheit for àbout 60 minutes (sometimes it requires 65 or even 70 minutes), or until à toothpick inserted into the middle of the càke comes out cleàn.
- Let the càke cool completely in the pàn before àdding the frosting.
- In à làrge bowl with à hànd mixer, whip together the creàm cheese ànd butter until light ànd fluffy.
- àdd the powdered sugàr one cup àt à time ànd whip on high speed until smooth.
- àdd the hàlf ànd hàlf one spoonful àt à time until à spreàdàble consistency is reàched.
- Spreàd the frosting over the completely cooled càke ànd top with chopped pistàchios, if desired.
- Slice ànd serve.
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