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!
TRES LECHES CAKE
Tres leches cake is a popular cake in Mexico and Latin America. It really wouldn’t be a Cinco de Mayo celebration without some Tres Leches Cake! (If you’re still meal planning for Cinco de Mayo then don’t miss my roundup of favorite authentic Mexican recipes!)
If you’re reading this than I’m hoping you’ve heard of Tres Leches Cake or “three milk” cake. This classic Mexican cake is one of my favorites of all time!
The cake is similar to an angel food cake. The whipped egg whites in the batter make it extra light and spongy. After baking the cake you poke holes in it with a fork and pour three types of milk over the top–evaporated milk, sweetened condensed milk, and whole milk–hence the name “tres leches”.
The BEST authentic Tres Leches Cake. An ultra light cake soaked in a sweet milk mixture and topped with fresh whipped cream and cinnamon. This simple Mexican dessert is one of our favorites!
Ingredients
- 1 cup all-purpose flour
- 1 1/2 teaspoon baking powder
- 1/4 teaspoon salt
- 5 large eggs , separated
- 1 cup sugar , divided
- 1/3 cup whole milk
- 1 teaspoon vanilla
- 12 oz can evaporated milk
- 14 oz can sweetened condensed milk
- 1/4 cup whole milk
- For the whipped topping:
- 1 pint Heavy Cream , for Whipping
- 3 Tablespoons Sugar
- 1/2 teaspoon vanilla
- ground cinnamon , for topping
Instructions
- Preheat oven to 350 degrees F. Lightly spray a 9x13'' pan with non-stick cooking spray.
- In a medium bowl combine flour, baking powder, and salt in a large bowl. Separate the eggs into two separate bowls.
- Add 3/4 cup sugar to the bowl with the egg yolks and mix on high speed until yolks are pale yellow. Add the 1/3 cup milk and vanilla and stir to combine.
- Pour the egg yolk mixture over the flour mixture and stir gently just until combined (don't over-mix).
- Use electric beaters to beat the egg whites on high speed. Gradually add the remaining 1/4 cup of sugar as you mix and continue beating until stiff peaks.
- Fold egg whites into the batter gently, just until combined. Pour batter into prepared pan. Make sure to smooth it into an even layer so your baked cake doesn't have divots in it.
- Bake for 25 to 35 minutes, or until a toothpick inserted in the center of the cake comes out clean. Remove from the oven and allow cake to cool completely.
- Combine the evaporated milk, sweetened condensed milk, and whole milk in a small bowl. Once the cake has cooled use a fork to poke holes all over the top of the cake.
- Slowly pour the milk mixture over the the top of the cake, making sure to pour near the edges and all around.
- Refrigerate the cake for at least 1 hour or overnight, to allow it to soak up the milk.
- In the meantime, whip the heavy cream, sugar and vanilla until stiff peaks. Smooth over the top of the cake. Sprinkle cinnamon on top. Serve with fresh sliced strawberries, if desired. Enjoy!
Recipe Notes
*Depending on your oven and the pan you use, this cake may cook faster! Keep an eye on it around 25 minutes,
Serve with one of my authentic Mexican recipes!
Adapted from The Pioneer Woman
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