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!
Chocolate Pumpkin Swirl Bundt Cake
Chocolate Pumpkin Swirl Bundt Cake
I recently made a pumpkin pie and roasted several pumpkins and squash, so I have lots of great gourd puree on hand and this is one of my all time favorite cakes, so I wanted to share it with you. The cake has a rather thin line of chocolate streusel and I went for a bolder chocolate layer this time.
Chocolate Pumpkin Swirl Bundt Cake
Author: Zoë François
Recipe type: Dessert
Ingredients
- 1 cup (240ml) vegetable oil
- 1 cup (215g) sugar
- 1 cup (235g) brown sugar
- 3 eggs
- 15-ounce (425 g) canned or roasted pumpkin puree
- ¾ cup (185g) sour cream (whole milk yogurt or creme fraiche also work)
- 1½ teaspoons vanilla extract
- 2 ¼ cups (295g) all-purpose flour
- 1 ½ teaspoons baking soda
- 1 teaspoon kosher salt
- 1 teaspoon freshly grated nutmeg
- ¼ teaspoon all-spice
- ½ teaspoon ginger
Chocolate Layer:
- 2 tablespoons (20g) dark cocoa powder
- 1 teaspoon cinnamon
- Topping:
- ½ cup confectioners’ sugar
- 1 teaspoon pumpkin pie spice
Instructions
- Preheat oven to 350°F. Butter and flour a 10 cup Bundt Pan (in the video). I used a Kugelhopf Bundt Pan in the photos in this post, because I like the shape, but it is slightly smaller and I trimmed the bottom before flipping it out of the pan.
- Prepare the cake batter in a large bowl, combining the oil, sugar, brown sugar, and eggs. Once they are well combined add the pumpkin puree, vanilla and sour cream. In a separate bowl, whisk together the flour, baking soda, salt and spices. Add the dry ingredients to the pumpkin mixture and mix until it all comes together in a smooth batter.
- Pour ⅓ of the batter into a separate bowl and stir in the cocoa powder and cinnamon.
- Pour ⅓ of the pumpkin cake batter into the prepared pan. Pour in ⅓ of the chocolate batter over the pumpkin batter. This layer will be thin. Repeat this layering with remaining pumpkin and chocolate cake batters in 2 more additions.
- Bake for about 1 hour 10 minutes (If you use the kugelhopf pan, it may bake a bit faster, so check closer to 50 minutes) or until a tester comes out with moist crumb.
- Allow to cool in pan for about 15 minutes, then turn cake out onto a serving dish. Once the cake is cool combine confectioners’ sugar and pumpkin spice for the topping and sprinkle it over the top of the cake.
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