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!
Blueberry Butter Cake
I love butter cake. It’s a cake that I always bake at home. I also have the best recipe ever that yields moist, buttery and sweet cake. With fresh berries abound in the market lately, I got some blueberries and made this blueberry butter cake.
What’s so great about this recipe is the freshness of the blueberry; every bite is bursting with the soft texture and fruity flavor of the blueberries. The beautiful color also makes the cake so much prettier and you just want to take a bite.
For the pan, you can use a cake pan (like I did), loaf pan or mini loaf pan. During the baking process, the surface of the cake might get too brown (depends on your oven) but the inside is uncooked. I always cover the top with aluminum foil towards the end of the baking process.
This will make sure that the inside is baked through and the top is the nice golden brown color, just like my pictures. This recipe is a keeper, ones that I always refer to whenever I craze rich and decadent butter cake.
Ingredients:
- 2 sticks (225g) unsalted butter, at room temperature
- 7 oz (200g) all purpose flour
- 1 teaspoon baking powder
- 1/2 teaspoon salt
- 7 oz (200g) sugar
- 4 large eggs
- 4 tablespoons fresh milk
- 1 teaspoon vanilla essence
- 6 oz fresh blueberries
- Powdered sugar, for dusting, optional
Method:
- Preheat the oven to 375°F.
- Lightly grease the pan (loaf pan, mini loaf pan, 8×8, or 9×9) with some butter. Mix the flour and the baking powder together and sieve. Add in the salt and mix well. Set aside.
- Use an electronic hand mixer to beat the butter and sugar until well combined or pale yellow in color. Add in the first egg. Beat well after each addition of egg until creamy. Scrape down the sides for even mixing. Add in vanilla essence and mix well. Fold in the flour into the batter and mix well. Finally, add in the milk.
- Cook’s Notes:
- Depending on the oven, it may take more than 40 to 50 minutes to bake the cake. To prevent the top of the cake from browning too fast, cover the top of the baking pan with a sheet of aluminum foil.
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