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!
Basic Vanilla Cake
This made from scratch Basic Vanilla Cake recipe is one that must be added to your repertoire. It’s light, tender, and full of vanilla flavor. The buttery, moist texture makes it a great cake for all occasion.
Ingredients
- 1 cup unsalted butter softened
- 1 and 1/2 cups granulated sugar
- 4 eggs
- 1 tablespoon vanilla extract
- 2 and 3/4 cups cake flour
- 1 tablespoon baking powder
- 1/2 teaspoon salt
- 1 cup whole milk buttermilk can also be used
Instructions
- Preheat the oven to 350°F. Grease and lightly flour 2 9-inch round cake pans; set aside.
- In a large bowl, beat the butter and sugar together until light and fluffy, about 5 minutes. Add the eggs, one at a time, mixing well after each addition. Beat in the vanilla.
- Combine the flour, baking powder, and salt in a medium bowl. Stir with a whisk and add it to the butter mixture alternately with the milk, beating well after each addition.
- Divide the batter evenly between the prepared pans. Bake for 20-30 minutes or until a toothpick inserted into the center comes out clean. Take care to not over-bake. Check the cake at 15 minutes to see how it is doing and judge the timing from there.
- Cool for 10 minutes. Remove from pans and cool completely on a wire rack. Fill and frost the cake with your favorite frosting.
- Make ahead tip
- Wrap baked and cooled cake layers tightly in plastic wrap and store them in the refrigerator. Assemble and frost the cake within 2 days.
- Or layers can be triple wrapped in plastic wrap and frozen for up to 2 weeks. Leave wrapped and set on the counter to thaw slightly before use.
- Once the cake has been assembled, cover it and keep it stored in the refrigerator for up to three days. Bring it to room temperature just before serving.
- The frosted cake can be frozen for up to 2 months. Thaw it overnight in the refrigerator and let it come to room temperature just before serving.
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