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!
PERFECT LEMON POUND CAKE
This Perfect Lemon Pound Cake is the ultimate no-fail Spring dessert with fresh, tart lemon flavour! It’s perfectly moist and tender and is delicious with fresh berries or cream! And don’t forget to check out my tips on how to make the perfect pound cake every time! Watch the video tutorial to see how I make it, and stay tuned to the end of this post for the FULL WRITTEN RECIPE!
This Perfect Lemon Pound Cake is the ultimate no-fail Spring dessert recipe that's moist and tender and made with fresh lemons!
Ingredients
- 1 cup unsalted butter (at room temperature)
- 1 1/2 cups white sugar
- zest of 2 large lemons
- 5 eggs
- 1/3 cup sour cream (full fat)
- 1 tsp vanilla extract
- 1 1/2 cup all purpose flour
- 1/2 tsp salt
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Instructions
- Preheat your oven to 325 degrees Fahrenheit.
- Grease a loaf pan with butter and add a piece of parchment paper along the bottom and up two of the sides for easy removal. Grease the parchment paper as well, just to be sure nothing will stick.
- Add the butter to the bowl of your stand mixer fitted with the paddle attachment and mix on high speed until the butter is pale in colour (about 4 minutes).
- Add the sugar and beat on high speed until the mixture is extra light and fluffy (about 7-10 minutes, stopping to scrape down the sides of the bowl every few minutes). The mixture should turn a pale yellow colour and be quite fluffy after 7 minutes.
- Beat in the eggs one or two at a time and continue beating on high speed after they've all been added to incorporate even more air into the batter.
- Add the sour cream and the vanilla to the bowl and beat for another minute or so, scraping down the sides of the bowl to make sure everything is incorporated.
- Add the lemon zest and beat on high speed until combined.
- Add the flour and salt to the mixing bowl and fold it into the wet ingredients by hand using a rubber spatula. Be sure to do this carefully so you don't deflate the batter as the flour is incorporated. Folding requires that you scrape the bottom of the bowl and use an "up and over" motion. Do not stir, as this will break the air bubbles you've created by beating the ingredients up until this point. This cake contains no leavening agent, so the bubbles in the batter are what will keep it from sinking in the middle as it bakes.
- Carefully scrape the batter into the loaf pan you've prepared.
- Bake for 65-75 minutes at 325 degrees Fahrenheit. After 65 minutes, test the cake by gently inserting a wooden skewer in the centre. If it comes out clean, it's done! If not, return the cake to the oven for another 5 minutes and test again.
- When the cake is done, remove it from the oven and let it rest in the pan for about 10 minutes.
- Remove it from the loaf pan using the parchment paper to a wire rack to cool completely before slicing and serving.
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