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!
Reese's Peanut Butter Chocolate Chip Pound Cake
My new favorite cake! This amazingly easy and outrageously decadent Reese’s Peanut Butter Chocolate Chip Pound Cake is a dream come true! So moist and delicious and topped with an incredible peanut butter chocolate glaze – no one will be able to resist!
Let’s take a break from peppermint today and go back to my roots…Reese’s! Nothing I love more than a Reese’s and when you add them to a recipe…swoon!
There is no limit to the wonderful things you can do with a cake mix and this recipe transforms a simple yellow cake mix into this outrageously nutty peanut butter cake. I used Blue Diamond Almondmilk Cashewmilk blend for seriously amazing flavor. Honestly you guys, if you haven’t had a chance to try this milk yet – now is the time. It is absolutely delicious and comes in both regular and unsweetened varieties.
My new favorite cake! This amazingly easy and outrageously decadent Reese's Peanut Butter Chocolate Chip Pound Cake is a dream come true! So moist and delicious and topped with an incredible peanut butter chocolate glaze - no one will be able to resist!
Ingredients
- 1 18.25 oz box yellow cake mix
- 1 cup Almond Breeze Almondmilk Cashewmilk Blend
- ⅓ cup creamy peanut butter (I used Skippy Naturals)
- 3 eggs, room temperature
- 1 tsp vanilla extract
- 1 cup Reese's peanut butter chips
- 1 cup mini semi-sweet chocolate chips
Glaze
- 1½ cup semi-sweet chocolate chips
- 6 tbsp creamy peanut butter
- 20 miniature Reese's peanut butter cups, coarsely chopped
Instructions
- Preheat oven to 350F.
- Grease and flour a 12-cup bundt pan. Set aside.
- Beat cake mix, milk, peanut butter, eggs, and vanilla together in a mixing bowl until thoroughly combined.
- Stir in peanut butter chips and mini chocolate chips.
- Pour into the prepared bundt pan and bake for 45 to 55 minutes or until an inserted toothpick comes out clean.
- Let cool in pan for 15 minutes. Gently invert onto a cooling rack or plate and let finish cooling for several hours.
- Once the cake has cooled, prepare the glaze.
Glaze
- In a microwave-safe container (I use a Pyrex measuring cup), combine chocolate chips and peanut butter. Heat on high for 30 seconds, stir. Repeat. Stir until the chips are fully melted and the mixture is smooth.
- Pour the glaze over the top of the cooled cake.
- Wait 5 minutes before sprinkling on the chopped peanut butter cups. Press gently to adhere.
- Refrigerate for 15 minutes or more until the glaze has set up.
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