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!
JAPANESE COTTON CHEESECAKE
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These cotton cheesecakes usually need to be baked in a water bath in order to prevent cracks as they do rise considerably high in the oven. When baking a cake in a water bath, remember to add aluminum foil around your cake pan as the water can go in! I didn’t do it the first time I made cheesecake years ago and the bottom got all soggy! Oops. I learned my lesson!
A yummy fluffy and spongy gluten free and sugar free cheesecake
Ingredients
- 3 eggs
- 200 g cream cheese 7oz**
- 1/2 cup blanched almond flour 60g
- 1/2 tsp baking powder
- 1/2 tsp stevia powder
- 1 cup blackberries optional, I used frozen berries that I microwaved for a minute
Instructions
- Preheat the oven to 160C/320F. Add some water, about 2cm, to a baking tray and put it in the oven on the bottom rack.
- Line the sides of an 18cm/7” spring form pan with a loose base. Wrap the outer bottom and sides of the pan with aluminum foil.
- Add the cream cheese to a microwave-safe bowl and microwave for 40 seconds or until soft.
- Separate the eggs, place the whites into a bowl and the yolks into the bowl with the cream cheese.
- Using a hand mixer, beat the egg whites for a minute and add 1/8 tsp of the stevia powder. Continue beating until stiff peaks form.
- Using the same mixer, beat the cream cheese and yolks for 2 minutes. Add 1/8 tsp of the stevia powder, the almond flour and the baking powder. Beat until combined. Pour the mixture through a sieve to make sure that there's no more "flour" bumps. Sift it until it's all transferred to a large bowl. (*This took me a good 5 minutes, just keep on scraping the batter until it comes out of the sieve)
- Add 1/3 of of the meringue to the cream cheese mixture and carefully fold it in. When incorporated, add the next 1/3 and carefully fold it in again. Add the last 1/3 of the meringue and fold GENTLY.
- Pour the cheesecake mixture inside the springform pan and place it in the preheated oven in the water bath. Bake for 40 minutes, decrease the temperature to 140C/285F and bake for 10 more minutes.
- Take the cheesecake out of the oven and let cool completely. When cooled, cut into 4 slices. Top the cheesecake with the berries.
Recipe Notes
If you double the recipe, use a 9" cake mold and just bake it an extra 10-20 minutes at 140C/285F.
**While I know traditional cream cheese packs are 8oz, the packs in Japan are only 7oz so that's what I used for this recipe. I'm sure using an 8oz pack won't make a difference in the recipe, but if it does, try adding 5-10g of almond flour to the cake.
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