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!
TEXAS TORNADO CAKE
We’re sharing this Texas Tornado Cake recipe as part of a sponsored post for Cans Get You Cooking. All opinions are 100% mine.
Have you ever found yourself with unexpected guests stopping by – and you need to scramble to get dinner and dessert made – but don’t have time to run to the supermarket?
That’s when we turn to our pantry – or more accurately, our “cantry” – and grab a variety of canned ingredients we always keep on hand to prepare something delicious and nutritious!
This Texas Tornado Cake is a classic recipe from my mother’s old recipe box. It is a copycat recipe based on a popular dessert served at Duff’s Famous Smorgasbord buffet-style restaurants during the 1980’s and 1990’s. It’s a sweet and super moist cake that is packed with fruit and topped with a walnut and coconut icing!
INGREDIENTS
For the Cake
- 1½ cups granulated sugar
- 2 eggs
- 2 cups all-purpose flour
- 2 cups canned fruit, drained – we used 1 cup canned peaches and 1 cup canned pears cut into large dice, but you can also use fruit cocktail or pineapple
- 2 teaspoons baking soda
- ¼ cup packed brown sugar
- 1 cup chopped nuts
For the Coconut Icing
- 8 tablespoons (1 stick) butter
- 1 cup sweetened flaked coconut
- ¾ cup packed brown sugar
- ½ cup canned evaporated milk
INSTRUCTIONS
- Preheat oven to 325 degrees F. Grease and flour a 9×13-inch glass baking dish.
- In the bowl of a stand mixer, add granulated sugar, eggs, flour, canned fruit and baking soda. On low speed, mix until just combined, scraping the bottom of the bowl as needed.
- Pour the batter into the prepared baking dish spreading evenly in the pan.
- In a small bowl combine brown sugar and nuts. Sprinkle nut mixture over the batter in the baking dish.
- Bake at 325° F for 40-45 minutes or until the cake is firm in the middle.
- While the cake is baking, prepare the Coconut Icing by combining the butter, coconut, brown sugar and evaporated milk in a medium saucepan. Bring to a boil over medium high heat and allow to boil for 2 minutes. Turn heat to low and keep the icing warm, stirring occasionally, until the cake is done baking.
- Once the cake is done, remove from the oven and pour the icing over the top of the hot cake.
- Allow the cake to cool, then cut into squares.
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