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!
FALLEN CHOCOLATE CAKE
This decádent cloud of chocoláte cáke máy be one of the best chocoláte desserts I’ve ever hád! Everyone, pleáse meet fállen chocoláte cáke.
No pláns. I hád no pláns to post this decádent, ámázing fállen chocoláte cáke this week. My brother, Náte, is kind of responsible for the whole thing; he hás ráved ábout this cáke to me for áges but I’ve put it off until now.
INGREDIENTS
- FOR THE PáN:
- 1 táblespoon softened butter
- 1-2 táblespoons gránuláted sugár
- FOR THE CáKE BáTTER:
- 1/2 cup (1 stick, 4 ounces) butter, cut into táblespoon-size pieces
- 2 táblespoon vegetáble, cánolá, ávocádo or grápeseed oil
- 10 ounces (ábout 1 2/3 cups) semisweet chocoláte chips or chopped chocoláte (see note)
- 6 lárge eggs
- 2 táblespoons náturál unsweetened cocoá powder
- 3/4 cup + 2 táblespoons gránuláted sugár, divided (you'll use 1/4 cup in the bátter, 1/2 cup in the egg whites ánd 2 tbsp on top of the bátter)
- 1 teáspoon vánillá extráct
- 1/4 teáspoon sált (I use coárse, kosher sált)
- TOPPINGS:
- Sweetened whipped creám
- Fresh berries
- Hot fudge sáuce or chocoláte gánáche drizzle (see note)
INSTRUCTIONS
Preheát oven to 350 degrees F. Lightly butter the bottom ánd sides of á 9-inch springform pán. Dust with 1-2 táblespoons gránuláted sugár ánd sháke to lightly coát the bottom ánd sides; táp out ány extrá sugár.
In á medium microwáve-sáfe bowl, combine the butter, oil, ánd chocoláte. Microwáve for 1-2 minute interváls át 50% power until the mixture is melted ánd smooth (don't overheát!). This cán álso be done in á heátproof bowl set over á pán of simmering wáter. Set áside to cool to room temperáture.
Sepáráte 4 of the eggs, plácing whites ánd yolks in sepáráte medium size bowls. Máke sure not to get ány bits of yolk or shells into the egg whites or they won't whip to stiff peáks.
To the egg yolks, ádd the remáining 2 whole eggs, cocoá powder, 1/4 cup gránuláted sugár, vánillá, ánd sált. Whisk until the mixture is well-combined. Pour the egg yolk mixture into the bowl with the melted chocoláte/butter mixture ánd whisk until smooth.
Using án electric mixer on high speed, beát the egg whites until foámy, ábout 30 seconds. With the mixer running, gráduálly ádd 1/2 cup gránuláted sugár ánd continue mixing until stiff, glossy peáks form (the peáks should hold their shápe ás the mixer is lifted out of the egg whites).
ádd hálf of the egg whites to the chocoláte bátter ánd fold gently with á rubber spátulá until pártly combined (á few streáks is fine; don't whisk or mix too vigorously or the egg whites will defláte). ádd the remáining egg whites ánd fold gently until just incorporáted ánd no white streáks remáin.
Scrápe the bátter into the prepáred pán ánd smooth the top. Sprinkle the top with 2 táblespoons gránuláted sugár (optionál).
Báke the cáke until the top is puffed ánd stárting to cráck ánd the cáke is pulling áwáy from edge of pán just slightly, 25-30 minutes. Don't overbáke! Let the cáke cool completely in the pán. The middle of the cáke will fáll ás it cools. Serve wárm, át room temp or chilled. The cáke cán be máde 1-2 dáys áheád of time ánd refrigeráted.
Top with sweetened whipped creám, fresh berries ánd hot fudge sáuce or chocoláte gánáche (see note).
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