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 CARDAMOM VEGAN CAKE WITH WHIPPED CHOCOLATE FROSTING
Cake time! And not just any cake, but a showstopper with cardamom and coconut cream and whipped chocolate frosting. Actually I thought this cake was awesome and airy thanks to the lack of oil and addition of coconut cream and 3 flax eggs. And I love this frosting, it is an old family recipe and is soft and creamy, like melting fudge. I love that this cake fits all seasons – holiday for sure, but also great for spring and summer brunches, especially if you lighten the frosting and dot the top with berries.
Here I used my favorite vegan sprinkles from this brand, and everyone at our house felt like it was a party.
All in all, one of my favorite cakes this year.
INGREDIENTS
for cake
- 1/2 70% cacao melted chocolate bar (I use this brand)
- 1/4 cup cacao powder
- 1 1/3 all purpose flour (I use this brand)
- 1 tsp baking soda
- 1/2 tsp ground cardamom
- 1 1/4 cups coconut palm sugar (I use this brand)
- 1 tsp vanilla powder
- pinch of salt
- 3/4 cup coconut cream (I use this brand)
- 3 flax eggs (3 tbsp flax + 6 tbs water) (I use this ground flax)
for frosting
- 1/2 cup vegan butter
- 3 1/2 cup powdered sugar (I use this brand)
- 2/3 100% cacao (unsweetened) chocolate bar (I used this bar)
METHOD
Cake:
1. Make flax eggs: Stir flax with water and let sit 5 minutes.
2. Butter 2 (8-inch) cake pans and dust with cacao powder
3. Mix all wet ingredients in one bowl.
4. Mix all dry ingredients in a larger bowl, and add mixture to the wet ingredients.
5. Blend mixture until smooth, then divide evenly between the two baking pans, tapping them on the counter to level the mixture. Bake 25 minutes at 350 F or until tester is clean.
Frosting: Melt vegan butter and dark chocolate in pan but don’t burn, just melt. Pour on a bowl of the powdered sugar, add in milk and coffee, whip with blender until peaky. Cover with a soaking wet paper towel if not ready to frost immediately.
Assemble cake by stacking layers, frosting each. Or, to replicate our cake pictured, slice each layer lengthwise to make a 4-layer cake. I also piped rosettes of the same frosting and sprinkled with my favorite vegan sprinkles…
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