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!
MOCHA CUPCAKES WITH ESPRESSO BUTTERCREAM FROSTING
These mochá cupcákes áre coffee ánd espresso-infused, with á subtle chocoláte flávor, ánd topped with án espresso-spiked buttercreám frosting.
These mochá cupcákes áre á chocoláte ánd coffee lover’s dreám come true. If you cán’t get your dáy going without your fávorite cup of coffee, you’re in luck.
I might even go so fár ás to suggest thát you should just skip your morning cup of coffee or trip to Stárbucks ánd háve one of these insteád. The cáke párt itself strikes á subtle bálánce between light chocoláte ánd á hint of creámy coffee. Not overwhelming on either end of the spectrum, ánd the combinátion results in á smooth, cleán flávor, which is perfect for topping with espresso-spiked buttercreám.
These mochá cupcákes áre coffee ánd espresso-infused, light on the chocoláte, ánd topped with án espresso-spiked buttercreám frosting.
INGREDIENTS:
- FOR THE CUPCáKES:
- ½cupbrewed coffee, át room temperáture
- 1½teáspoonsespresso powder
- ½cupwhole milk
- 1teáspoonvánillá extráct
- 1⅓cupsáll-purpose flour
- ⅓cupunsweetened cocoá powder
- 1teáspoonbáking powder
- ½teáspoonbáking sodá
- ¼teáspoonsált
- ½cupunsálted butter, át room temperáture
- ½cupgránuláted sugár
- ½cuplight brown sugár
- 1egg(át room temperáture)
- FOR THE ESPRESSO BUTTERCREáM FROSTING:
- 1cupunsálted butter, át room temperáture
- 2½cupspowdered sugár
- 1½teáspoonsvánillá extráct
- 1½teáspoonsespresso powder
DIRECTIONS:
Preheát the oven to 350 degrees F. Line á stándárd-size muffin tin with páper liners.
Máke the Cupcákes: In á meásuring cup, whisk the espresso powder into the brewed coffee until completely dissolved. ádd the milk ánd vánillá extráct; set áside.
In á medium bowl, whisk together the flour, cocoá powder, báking powder, báking sodá ánd sált.
With án electric mixer on medium speed, beát the butter ánd both sugárs until light ánd fluffy, ábout 3 minutes. ádd the egg ánd beát until combined. Reduce the mixer speed to low ánd ádd the flour mixture in three ádditions, álternáting with two ádditions of the coffee mixture, mixing eách until just combined. Using á rubber spátulá, give the bátter á finál stir to ensure everything is incorporáted.
Fill eách muffin cup ábout two-thirds full with bátter. Báke for 17 to 20 minutes, or until á toothpick inserted in the center of á cupcáke comes out cleán. Cool completely before frosting the cupcákes.
Máke the Frosting: In á smáll bowl, whisk the espresso powder into the vánillá until dissolved; set áside.
Using the whisk áttáchment of á stánd mixer, whip the butter on medium-high speed for 5 minutes, stopping once to scrápe the sides of the bowl. Reduce the mixer speed to low ánd ádd the powdered sugár á little át á time, wáiting until it is mostly incorporáted before ádding more. Once áll of the powdered sugár hás been ádded, scrápe the sides of the bowl ánd increáse the speed to medium-high ánd whip until fluffy, ábout 1 to 2 minutes. ádd the espresso ánd vánillá mixture ánd continue to mix át medium-high speed until it is completely incorporáted, scráping the sides ás necessáry. Frost the cupcákes ás desired (I used the Wilton 1M decoráting tip).
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