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!
German Marble Cake
Ingredients List- 1 ¼ cup cake flour
- ½ cup dry vanilla pudding mix about one
- 3.4 oz package—regular or instant
- 2 tsp baking powder
- ½ tsp
- salt½ cup
- 1 stick unsalted butter, room temperature
- 1 cup sugar
- 3 eggs1
- ½ tsp almond extract
- ¾ cup milk
- 1/3 cup unsweetened cocoa powderYou will also need: 8- or 9-inch loaf pan three mixing bowls (large, medium, small), electric mixer, whisk
Directions- Preheat oven to 350 degrees F.
- In a medium mixing bowl, sift together the cake flour, vanilla pudding mix (in dry powdered form), baking powder, and salt.
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- In a larger mixing bowl, whip together the butter, sugar, eggs and almond extract for a few minutes till the mixture turns light yellow.
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- Beat in half of the milk and half of the sifted flour mixture, then beat in the remaining milk and flour mixture.
- Whip until the batter is smooth and creamy.
- Rinse and dry the medium mixing bowl that you used for the sifted flour; you’ll need it again soon.
- In a small bowl, whisk together the cocoa powder and 1/3 cup of very hot water till smooth.
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- Pour a little less than half of the cake batter into the medium mixing bowl that you rinsed out.
- Whisk in the cocoa powder mixture till fully combined and smooth.
- This is your chocolate marbling batter. Reserve the rest of the batter—this is your light cake marbling batter.
- Generously grease your loaf pan using butter or cooking spray.
- Pour the light and dark cake batters into your loaf pan and marble them. If you need a marbling technique, you can check out this post: How to Marble a Cake.
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- Bake the marble cake at 350 degrees for 45-55 minutes, or until a toothpick inserted in the center comes out clean.
- Remove from the oven and cool in the pan on a wire rack for 10-15 minutes.
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- Gently remove the cake from the pan and let it cool completely on the rack.
- This cake will keep at room temperature for 3-4 days; wrap in plastic wrap or foil to seal in the moisture, or keep it inside an airtight container. To extend shelf life, keep the cake in the refrigerator.
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