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!
Armenian Nutmeg Cake With Rose, Honey & Pistachios
Do you want to know how I seduced Mr NQN into liking me? Well it was with an animation of Santa with a turkey down his pants. I'm pretty smooth that way don't you think? ;)
I should explain that Mr NQN had made a Christmas card animation for his work and sent it around to all of his friends, me included. It was an Australian themed Christmas card of Santa's North Pole house so among the usual Santa paraphernalia there was a beer, sausages and a turkey on the table. We were supposed to position the objects in his room accordingly and write a Christmassy message. So with nothing to lose except my dignity, I stuffed the turkey down his pants and put a beer in one hand and a sausage in the other. I typed out my message to read "Want some turkey?" and pressed send.
Ingredients
- 1 cup (240 ml) milk
- 1 teaspoon (5 ml) (5 gm) baking soda (bi carb of soda)
- 2 cups (480 ml) (280 gm/10 oz) all-purpose (plain) flour
- 2 teaspoons (10 ml) (10 gm) (? oz) baking powder
- 1.5 cups (300 gm/10.5 oz) brown sugar, firmly packed
- 3/4 cup (1½ sticks/170 gm/6 oz) butter, cubed, chilled
- 1 to 1-1/2 teaspoons (5 to 7 ½ ml) (5 to 8 gm) freshly ground nutmeg
- 1 teaspoon vanilla
- 1 egg, at room temperature
- 1/2 cup pistachios, chopped
- Edible dried rose petals
- 1/4 cup runny honey
Directions:
- Step 1 - Preheat oven to 170C/340F. Line a 21cm springform tin with baking paper on the base and sides and wrap some foil around the outside of the tin as the butter tends to leak from the springform tin when baking. In a cup mix the baking soda and milk and set aside. In a large food processor add the flour, baking powder, brown sugar and butter and process until it resembles fine breadcrumbs (you can also do this with a pastry cutter or by rubbing the butter between your fingers). Place half of the above mixture in the base of the springform patting it down with fingers to make a base and set aside.
- Step 2 - In the bowl of an electric mixer, beat the egg and nutmeg for 2 minutes until fluffy and pale (you can do this by hand, just whisk for a few minutes longer until you get it to the right consistency). Add the vanilla and the milk and soda mixture and whisk until combined. Then add the remaining half of the flour and butter mixture and mix until smooth (you can still use the whisk for this as it is quite liquidy still). Pour on top of the base crumbs and then sprinkle the pistachio on top. Bake for 50-60 minutes until a skewer inserted comes out clean - many have found that while the top looks cooked, the batter is runny underneath so try the skewer in several places.
- Step 3 - When cake is ready, remove from oven and allow to cool. While doing this, heat honey gently and then using pastry brush, spread honey over the top of the cake. Sprinkle edible rose petals which will stick to the honey. Serve warm.
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