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!
One-Minute Chocolate Peanut Butter Mug Cake
Moist chocolate cake with a molten peanut butter center bakes up in a microwaved mug in just one minute!
Today I’m sharing the perfect treat for those days when you’re craving a little something sweet but there’s nary a cookie or cupcake or piece of candy in the house.
Did you know that at any given moment, you are just a few short minutes away from straight-up, legitimate CAKE?! It’s true. As long as you’re stocked with a few pantry basics like flour and sugar, and as long as you can rustle up a bit of milk and butter, you can whip up a fresh, decadent, piping-hot dessert for one (or more!) in about the same amount of time it would take to scoop a bowl of ice cream.
Moist chocolate cake with a molten peanut butter center bakes up in a microwaved mug in just one minute!
Ingredients
- 1/4 cup all-purpose flour
- 2 tablespoons unsweetened cocoa powder
- 2 tablespoons sugar
- 1/4 teaspoon baking powder
- 1/4 cup milk, at room temperature
- 2 tablespoons butter, melted and cooled
- 1/4 teaspoon pure vanilla extract
- 1 tablespoon creamy peanut butter
- 1 tablespoon mini chocolate chips
Instructions
- In a small bowl, whisk together flour, cocoa powder, sugar, and baking powder until thoroughly, completely combined with no streaks of flour or cocoa powder remaining. Blend in milk, butter, and vanilla until batter is smooth. Pour batter into a 14-ounce (or larger) microwave-safe mug with straight sides.
- Combine peanut butter and chocolate chips and dollop into the center of the mug, gently pressing down until even with the top of the batter. Microwave on high for 1 minute. Allow to cool for a couple of minutes before serving.
NotesA tall, cylindrical mug with straight (not angled) sides will ensure that the cake bakes evenly. I found a 14-ounce mug to be the perfect size to allow the cake to rise up while baking without overflowing. (I filled my mug to the top with water and then transferred the water to a measuring cup to determine its capacity.) If you use a smaller mug, you may want to bake the cake on top of a plate or paper towel to catch any possible overflow.
The strength of individual microwaves can vary. The first time you make this recipe, be prepared to experiment a bit to make sure that 1 minute is the perfect length of baking time. The nice thing about this cake is that even if it is undercooked, you don't have to worry about raw eggs!
The mini chocolate chips are optional. So is the peanut butter, for that matter. But I don't recommend skipping either. 😉
As an alternative to serving straight out of the mug, you may instead spray the mug with non-stick cooking spray before adding the batter, and then carefully overturn the cake onto a plate once baked.
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