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!
CORNBREAD CUPCAKES WITH HONEY BUTTERCREAM FROSTING
Oh my, these honey cornbread cupcakes are addicting! Often cornbread is dry and crumbly, but these cupcakes are super moist and fluffy. And yes, it’s a cupcake NOT a muffin. There’s a difference and you’ll be able to tell with your first bite.
The only corn in these cupcakes is the cornmeal but I guess you could throw in some kernels or sprinkle some on top. Oh and you can drizzle honey on top too but when I tried it the honey pulled together into droplets rather than have that drizzled look like chocolate or caramel.
Can’t wait for you to try these! They would be perfect for a harvest or farm themed party… or just if you want something yummy.
Enjoy!
Ingredients
- 2 2/3 cup all-purpose flour
- 2/3 cup yellow cornmeal
- 1 teaspoon baking powder
- 1/2 teaspoon baking soda
- 1/2 teaspoon salt
- 1 cup 2 sticks butter, softened
- 1 cup honey
- 1 cup sugar
- 1 cup milk
- 1/2 cup sour cream
- 4 eggs
- 1 teaspoon vanilla
- Honey Buttercream Frosting recipe below
Instructions
- Preheat oven to 350 degrees F and line muffin tin with cupcake liners.
- In a medium mixing bowl, combine flour, cornmeal, baking powder, baking soda, and salt. Set aside
- In a large mixing bowl, use and electric mixer (hand or standing) to beat butter, honey, and sugar together until light and fluffy (2 minutes). Beat in the eggs one at a time. Add all the liquid ingredients along with half of the dry and mix until almost fully combined. Add the remaining dry ingredients and mix until well combined.
- Fill tins 2/3 full (30 regular size cupcakes) and bake for 15-18 minutes until toothpick come out clean (start making the frosting while cupcakes are cooking). Cool for 5 minutes in tins and then remove onto a wire rack to cool completely. Pipe on frosting when cooled (or just eat them as is because they are D-licious!).
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