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!
Coconut Lime Cupcakes
Okay, I waited as long as I possibly could before pulling out the lime desserts on you again this year, but it has begun, so if you like lime as much as I do, get excited! If you don’t…uh, what’s wrong with you?! I kid, I kid!
Now I like my lime desserts super tangy, and unfortunately this one is not, but the coconut makes up for that! There’s coconut milk, lime juice and lime zest in the cupcake base. And the frosting, oh my! It’s my favorite cream cheese frosting with coconut extract! I love coconut almost as much as I love lime!
Since the lime is very light in flavor, my favorite way to eat these is to use that little garnish of lime on top and squeeze it over the frosting, then go to town on that cupcake! I also wait to put the toasted coconut on top until just before eating because it stays crisp that way and adds a great contrast in textures with the light, fluffy cupcake, smooth creamy frosting, and the crispy, sweet coconut!
These cupcakes are pretty and delicious, and with the green wrapper and lime wedge on top, can make a fun “green” St. Patrick’s Day treat!
Ingredients
Cupcake
- 1 1/4 cup flour
- 1 tsp baking powder
- 1/2 tsp baking soda
- 1/2 tsp salt
- 2 eggs
- 3/4 cup sugar
- 1/2 cup oil
- 2 to 3 tsp lime zest (from 1 lime)
- 4 Tbsp lime juice (1 medium lime)
- 1 tsp coconut extract
- 3/4 cup coconut milk (from a can)
Coconut Frosting & Garnishes
- 8oz cream cheese (I typically use Neufchatel)
- 1/2 cup unsalted butter, softened
- 1 1/2 tsp coconut extract
- 1 1/2 cups powdered sugar
- 2 to 4 Tbsp toasted coconut (Toast sweetened coconut flakes in a pan on the stovetop or in the oven, stirring frequently; once it browns it will happen quickly!)
- Lime slices, cut into fourths
Instructions
- Combine the flour, baking powder, baking soda, and salt in a bowl.
- Whisk the eggs and sugar in a separate bowl. Then add the oil, lime zest and juice, coconut extract, and coconut milk.
- Mix the dry ingredients into the wet ingredients until just combined. Do not over mix.
- Line a cupcake pan with paper cups and fill each cup ⅔ full.
- Bake at 400 degrees Fahrenheit for 14 minutes or until the cake springs back when lightly touched. (Alternately use a toothpick to test the center of a cupcake.) Allow cupcakes to cool completely.
- Make frosting by beating the cream cheese with a hand mixer. Add butter 1 Tbsp at a time and beat thoroughly after each addition. Then add the coconut extract and powdered sugar all at once and mix until just combined. Do not over beat frosting once the sugar is added.
- Scoop frosting into a pastry bag that's been fitted with a tip and pipe frosting on top of the cooled cupcakes.
- Garnish with a wedge of lime and sprinkle of toasted coconut.
Recipe Notes
Tips:
*For more lime flavor, squeeze the wedge of lime garnish onto the cupcake just before consuming.
**Wait to add the toasted coconut until just before serving so it stays crisp. The longer it sits on the cupcake, the more it absorbs the moisture from the frosting and will go soft.
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