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!
HOT FUDGE PUDDING CAKE
If you follow us over on Instagram, then you probably know that we just came home from a family vacation at Hershey Park in Hershey, Pennsylvania! This was our second year visiting the park, and we decided that on this trip we would sign up for the Create Your Own Candy Bar at Hershey’s Chocolate World, located just outside the amusement park.
So all of that wonderful chocolate had us craving a sweet treat when we got home – and we decided to make this fantastic Hot Fudge Pudding Cake from the Hershey’s Kitchen website.
Then – once the Hot Fudge Pudding Cake comes out of the oven, just use a spoon to serve. You’ll end up with a super moist cake with a warm and fudgy pudding center – plus a sweet crunchy topping! Served with some vanilla ice cream – this is one amazingly good dessert that any chocolate lover will enjoy!
INGREDIENTS
- 1¼ cups granulated sugar, divided
- 1 cup all-purpose flour
- ½ cup Hershey’s Cocoa, divided
- 2 teaspoons baking powder
- ¼ teaspoon salt
- ½ cup milk
- 1/3 cup unsalted butter, melted
- 1½ teaspoons vanilla extract
- ½ cup packed brown sugar
- 1¼ cups hot water
- Vanilla ice cream, if desired for serving
INSTRUCTIONS
- Preheat oven to 350 degrees. Heat a pot of water on the stove to very hot (just under a simmer).
- In the bowl of a stand mixer, combine ¾ cup of the granulated sugar, flour, ¼ cup of the cocoa, baking powder and salt. Stir in milk, melted butter and vanilla and mix until smooth.
- Pour the batter into an lightly greased 2-quart ceramic dish (as shown in our photos) or a 9-inch square baking pan (if it’s a non-stick pan, you don’t have to grease it) and spread evenly.
- In a small bowl, stir together the remaining ½ cup granulated sugar, brown sugar, remaining ¼ cup cocoa and mix well. Sprinkle this mixture evenly over the batter in your dish or pan. Pour the hot water over the top – but do not stir!
- Bake 35-40 minutes if using a glass dish (or 30-35 minutes if using a metal pan) – or until the center is almost set. Remove your dish from the oven and allow it to stand for 15 minutes.
- After 15 minutes, spoon the cake into individual serving bowls – making sure to spoon the fudgy sauce from the bottom of the pan over the top of the cake. Add a scoop of vanilla ice cream if desired and serve immediately.
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