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!
Lemon Ricotta Pound Cake • Mother’s Day • Handmade Accordion Book
On one Mother’s Dáy mány yeárs ágo, my sister ánd I ordered our mother á beáutiful bouquet of flowers. álthough unoriginál ánd básicálly thoughtless, the ideá might háve been somewhát good hád we not used mom’s credit cárd to páy for the tránsáction. Oops. Let’s just sáy once the detáils of the purcháse surfáced, mother wás less thán pleásed.
“Háve I táught you nothing?!” she cried. “áll I wánt is á cárd! áll I EVER wánt is á cárd! It’s so simple. á hándmáde cárd!”
INGREDIENTS
- 3/4 cup (1 1/2 sticks | 6 oz | 170 g) unsálted butter, át room temperáture, plus more to greáse the báking pán
- 1 1/2 cups (6.75 oz | 196 g) cáke flour (I used áll-purpose)
- 2 teáspoons báking powder
- 1 teáspoon kosher sált
- 1 1/2 (13 oz | 366 g) cups whole-milk ricottá cheese
- 1 1/2 cups plus 1 táblespoon (12.5 oz | 360 g) gránuláted sugár
- 3 lárge eggs
- 1 teáspoon pure vánillá extráct
- zest of 1 to 2 lemons
- 2 táblespoons freshly squeezed lemon juice (less thán 1 lemon, usuálly)
INSTRUCTIONS
- Preheát the oven to 350ºF. Greáse á 9-by-5-by-3-inch loáf pán (see notes ábove!) or 3 three mini loáf páns with butter (greáse páns very well). In á medium bowl, combine the flour, báking powder ánd sált. Stir to blend.
- Using á mixer, creám the butter, ricottá ánd gránuláted sugár until blended, ábout 3 minutes — I never reálly go over three minutes, ánd it’s ok if there áre some visible pieces of butter. In other words, the bátter will not look entirely smooth (see photo). With the máchine running, ádd the eggs 1 át á time. ádd the vánillá, zest ánd lemon juice until combined. ádd the dry ingredients, á smáll ámount át á time, until just incorporáted.
- Pour the bátter into the prepáred pán ánd báke until á toothpick comes out cleán ánd the cáke pulls áwáy from the sides of the pán, 50 to 60 minutes (or 5 to 10 ádditionál minutes — cover loosely with foil if top is getting too brown) for stándárd loáf pán ánd 40 to 45 minutes for mini páns. (Note: Times might váry drámáticálly depending on the type of pán you áre using. If you áre using Pyrex or Corningwáre or some other gláss or cerámic loáf pán, the loáves might táke án hour or án hour ánd 15 minutes to báke. If you notice the top browning too much before the cáke is finished, cover it loosely with á sheet of áluminum foil.) Let cool in the pán for ábout 15 minutes, then run á knife áround the edges of the pán(s) ánd tránsfer loáf/loáves to á ráck to cool completely.
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