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!
Super Easy, Super Moist Chocolate Cupcakes
Easy to make, unusually moist chocolate cupcakes and no mixer required! No eggs either, the recipe uses a combo of baking soda and vinegar for leavening.
The coffee (and the salt) help intensify the flavor of the chocolate. If you don't have or don't want to use coffee, just skip it and use water instead. If you do use coffee, just use what would be considered regular strength coffee (or slightly weak coffee) in America, not something super concentrated like espresso. If caffeine is an issue, use decaf.
If you want to make a cake instead of cupcakes, double the recipe and use two 8-inch round cake pans and cook for 35-40 minutes.
INGREDIENTS
Cupcakes:
- 1 1/2 cups all purpose flour
- 1/4 cup unsweetened cocoa powder
- 1 cup granulated sugar
- 1 teaspoon baking soda
- 1/2 teaspoon salt
- 1 cup brewed coffee (or 1 cup of warm water mixed with 1 1/2 teaspoons of espresso powder or instant coffee granules)
- 1 Tbsp white vinegar
- 2 teaspoons vanilla extract
- 6 Tbsp (1/4 cup plus 2 Tbsp) olive oil
Frosting:
- 4 Tbsp butter
- 1/3 cup unsweetened cocoa powder
- 1 1/2 cup powdered sugar
- 3 tablespoons milk
- 1 tablespoon vanilla extract
METHOD
Cupcakes:
1 Preheat oven to 350°F with a rack in the middle position. Prepare a muffin tin with cupcake liners.
2 In a large bowl, vigorously whisk together the flour, cocoa powder, sugar, baking soda, and salt until there are no visible clumps (cocoa tends to clump up).
3 In a separate bowl, mix together the coffee (or water plus coffee granules), vinegar, vanilla extract, and olive oil.
4 Pour the wet ingredients into the dry ingredients and stir only until they just come together. The mixture should be thin and rather lumpy.
5 Ladle the batter into the cupcake liners, filling them about two-thirds of the way full. Place in oven and bake for 18 to 20 minutes, until a bamboo skewer inserted in the center comes out clean.
6 Remove from oven and let cool in the pan for 5 minutes, then remove from pan and let cool on a rack. Once cool, you can eat plain, sprinkle with powdered sugar, or drizzle or coat with frosting.
Frosting:
While the cupcakes are cooking, make the frosting. Melt butter in a small saucepan and remove from heat. Stir in the cocoa until smooth. Sprinkle in about a third of the powdered sugar, stir, then sprinkle in about a half of the milk. Keep alternating with the powdered sugar and either milk or vanilla, stirring after each addition, until the frosting is the consistency you want, and smooth. If it's too runny, add more powdered sugar. If too stiff, add a little more milk or vanilla extract.
To pipe in a decorative pattern, scoop the frosting into the corner of a ziplock freezer bag. Use scissors to cut away 1/4-inch or so from the tip of the corner. Then just squeeze the frosting out of the bag onto the cupcakes in any design you like.
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