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 PEANUT BUTTER OOEY GOOEY BUTTER CAKE
For the chocolate and peanut butter lovers in your family, this Chocolate Peanut Butter Ooey Gooey Butter Cake if sure to become a family favorite dessert.
This may be my favorite Ooey Gooey Butter Cake yet. I get lots of emails usually after Halloween and people are looking for a way to use up their leftover Halloween candies. This cake will have the kids begging you to take their Reese’s Peanut Butter Cups once you make this for them. You can use any candy you want, I used a mixture of peanut butter cups and Butterfingers for a little crunch. The cream cheese layer is packed with peanut butter flavor and then topped with more chocolate.
For the chocolate and peanut butter lovers in your family, this Chocolate Peanut Butter Ooey Gooey Butter Cake if sure to become a family favorite dessert.
INGREDIENTS
Cake
- 1 German Chocolate Cake Mix
- ½ cup butter - melted
- 1 egg
- 2nd Layer
- 8 Peanut Butter Cups - large one
- 3 small Butterfinger Candy Bars
- Cream Cheese Layer
- 1 (8-ounce) package cream cheese, softened
- 1 cup peanut butter
- 3 eggs
- 1 teaspoon vanilla
- ½ cup butter, melted
- 4 cups confectionery sugar
- Chocolate topping
- ½ cup chocolate chips
- 1 tablespoon vegetable or canola oil
INSTRUCTIONS
- Preheat oven to 350 degrees, 325 degrees if using a glass pan.
- Combine the cake mix, egg and butter together. Beat until it is combined. Spray a 9 x 12 pan with cooking spray and then put the cake mix layer over the bottom. Pat it down.
- Cut the large peanut butter cups into 4 pieces. Roughly chop the Butterfingers. Spread evenly over the cake layer.
- Combine the cream cheese, vanilla and peanut butter together until combined. Add the eggs one at a time and mix them in. Add the butter. When this is all combined together add the confectionery sugar. Spread evenly over the candy bar layer.
- Bake for about 50 minutes. I used a glass pan and it took just over an hour. The mixture will be puffed up in the center when done. It will jiggly just slightly. Remove from oven and let cool.
- Melt the chocolate for 1 minute in the microwave. Add the oil. Stir until combined. Spread over the top of the cream cheese layer.
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