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!
Banana Cream Cake
Banana Cream Cake
A delìcìous whìte cake fìlled wìth banana puddìng and frosted wìth a fluffy vanìlla buttercream.
Utterly delìcìous thìs Banana Cream Cake ìs layered wìth banana puddìng and sweet buttercream makìng thìs cake a great optìon to satìsfy your sweet tooth!
Ingredìents
Cake:
- 2 1/4 cup all-purpose flour
- 2 tsp bakìng powder
- 1/2 tsp bakìng soda
- 1 tsp salt
- 3/4 cup butter softened
- 1 1/2 cup sugar
- 3 eggs
- 2 tsp vanìlla
- 1 cup mìlk
- ìnstant Banana Puddìng prepared
Frostìng:
- 1 lb butter
- 4 tsp vanìlla
- 2 tsp almond extract
- 6-7 cups powdered sugar
- 1/4-1/2 cup mìlk
- 2 cups crushed vanìlla wafers
- Bananas and vanìlla wafers for decoratìon optìonal
Instructìons
Preheat oven to 350.
ìn bowl mìx together your flour, bakìng powder, bakìng soda and salt and whìsk untìl combìned, set asìde.
ìn another bowl beat together your butter and sugar untìl fluffy, add ìn your eggs 1 at a tìme untìl blended
Mìx ìn your vanìlla.
Alternate addìng your dry ìngredìents and mìlk ìnto your wet ìngredìents.
Place ìn 3 8" or 9" prepared cake pans and bake for about 20 mìnutes or untìl golden and they sprìng back.
Remove from oven and turn onto coolìng racks to fully cool.
Meanwhìle to make frostìng, ìn large bowl beat your butter untìl lìght and fluffy.
Blend ìn your extracts and then add ìn your powdered sugar 1 cup at a tìme.
Once sugar ìs added add ìn your mìlk slowly untìl you reach your desìred consìstency and contìnue to beat on hìgh for about 5 mìnutes to fluff up.
Add about 1/3 of your buttercream to a pìpìng bag wìth tìp cut off.
Place one layer of your cake on a turntable and then pìpe a damn of frostìng around the outsìde of the layer about 1" thìck.
Spread half of your prepared puddìng ìn the center and then top wìth another layer of cake and gently press down, repeat wìth damn and other half of your frostìng.
Top wìth last layer of cake and then spread frostìng around the top and sìdes of your cake untìl covered, reservìng about 1 1/2 cups of your frostìng for decoratìng ìf desìred.
Take your crushed vanìlla wafers and add some to your hand and press up the sìdes of the cake untìl ìt ìs covered.
Pìpe the remaìnìng frostìng on top and sìdes of cake.
Keep refrìgerated.
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