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!
APPLE DAPPLE CAKE WITH CARAMEL GLAZE
Apple Dapple Cake with Caramel Glaze, where have you been all my life? Never had this delicious cake and wondering what I’m talking about? Read on to find out how to make this amazingly simple and wonderfully delicious apple cake. Oh, and don’t forget the yummy caramel glaze!
Apple Dapple Cake with Caramel Glaze is an amazingly simple, moist, homemade cake filled with fresh apples and covered with an easy sweet caramel glaze!
INGREDIENTS
Cake Ingredients
- 3 cups all-purpose flour
- 1 tsp salt
- 1 tsp baking soda
- 1 cup pecans chopped
- 1 cup vegetable or coconut oil
- 2 cups granulated sugar
- 3 eggs
- 2 tsp pure vanilla extract
- 3 cups raw apples peeled and finely chopped (about 3 large apples)
Caramel Glaze Ingredients
- 1 cup packed light brown sugar
- 1/4 cup heavy cream or half and half
- 3/4 cup butter (1-1/2 sticks)
INSTRUCTIONS
Cake
- Preheat the oven to 350 degrees F.
- Rub the bottom and sides of the cake pan with a little butter, shortening, or use baking spray. Make sure to get into the corners and all the way up the sides. Flour the sides and bottom of the pan by scooping a bit of flour into the pan, then shaking and tapping to coat the bottom and sides of the pan with flour; dump out the excess. (This hint is from my friend Harriet - You can also substitute a little sugar for the flour which will give you an even sweeter crunchier crust.)
- n a large mixing bowl add the oil, sugar, eggs and vanilla. Use an electric mixer and mix well. In a separate bowl add the flour, salt, and baking soda. Mix well with a fork. Add the dry ingredients to the wet ingredients and combine. Fold in the apples and pecans and combine, but do not over mix.
- Spoon the batter into the prepared cake pan and bake in the oven for one hour.
Caramel Glaze
- About ten minutes before the cake is done, make the Caramel Glaze by combining the brown sugar, cream, and butter in a small saucepan over medium-high heat. After the mixture comes to a boil, lower the heat and simmer for about 3 minutes.
- When the cake is done, remove from the oven and pour the caramel glaze over the hot cake while it is still in the cake pan.
- Place the cake on a cooling rack and allow it to cool completely before removing it from the pan.
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