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!
Buttermilk Sheet Cake with Chocolate Fudge Frosting
How many of you grew up where the potluck dinner was standard and commonplace for community, school or church gatherings? The potluck dinner was definitely a part of my community back in South Dakota. It seems like there was one all the time.
It was a chance for the people of your community come together and enjoy a really fantastic meal made by everyone. The dishes brought to a potluck (at least where I grew up) were something that you and your family REALLY loved, and would be something that you would serve your most honored guest. This Buttermilk Sheet Cake with Chocolate Fudge Frosting is something you would find on any potluck table back in South Dakota.
The perfect dessert for anyone that loves a great yellow cake! This delightfully moist cake is topped with a delicious chocolate fudge frosting for a classic dessert!
Ingredients
- 3/4 c. butter, room temperature
- 1 1/2 c. sugar
- 4 large eggs
- 3 c. cake flour
- 1 Tbsp. baking powder
- 1 tsp. salt
- 1 c. whole buttermilk
- 2 tsp. vanilla extract
- Chocolate Fudge Frosting:
- 3/4 c. butter, room temperature
- 2 1/2 c. powdered sugar
- 1/2 c. unsweetened cocoa powder
- 5 Tbsp. whole buttermilk
- 1 tsp. vanilla extract
- 1/4 tsp. almond extract
Instructions
- Preheat oven to 350 degrees. Spray a 9x13" baking pan with non-stick baking spray. Set prepared pan aside.
- In a mixing bowl and a stand or hand mixer, beat butter and sugar on low until creamy. Stopping to scrape down the sides, add eggs one at a time. Continue to beat on low until all eggs are incorporated and batter is creamy.
- In a separate bowl, whisk together the flour, baking powder, and salt. In a liquid measuring cup, measure out buttermilk. With the mixer on low, begin adding the dry ingredients to the batter, and alternate pouring in the buttermilk in gradual increments. When all ingredients have been mixed, add the vanilla and mix until completely incorporated. Pour batter into the prepared pan and evenly smooth with a spatula. Bake at 350 for 26-28 minutes or until a toothpick inserted into the cake comes out clean with no crumbs. Let cake cool after baking.
- For the frosting: In a clean mixing bowl and stand or hand mixer, beat the butter on low. In a small bowl sift together the powdered sugar and cocoa. Gradually add to the butter while beating on low until all is combined, stopping to scrape down sides of the bowl. Beat in the buttermilk, and extracts until combined. Spread frosting over cooled cake. Serve right away or set aside for later. Store in an airtight container for up to 4 days.
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