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!
BOSTON CREAM PIE CUPCAKES
Boston Cream Pie Cupcakes: Tender cupcakes filled with fluffy pastry cream and topped with rich chocolate ganache. Your favorite cake made 10x easier!
I love making difficult recipes easier. Cakes are a risky proposition especially if you’re entertaining. If your cake gets stuck, or you drop it on the ground (Been there done that), you are out of luck.
Boston Cream Pie Cupcakes: Tender cupcakes filled with fluffy pastry cream and topped with rich chocolate ganache. Your favorite cake made 10x easier!
Ingredients
- For the Boston Cream Pie Cupcakes
- ¾ Cup (12 Tablespoons) Butter ,Softened
- 1 Cup White Sugar
- 2 Vanilla ExtractTeaspoons Vanilla
- 3 Eggs
- 1½ Cups All Purpose Flour
- 2 Teaspoons Baking Powder
- ⅔ Cup Buttermilk
- For the Pastry Cream
- 3 Egg Yolks
- 3 Cups Whole Milk
- ½ Cup Sugar
- ⅓ Cup Cornstarch
- ¼ Teaspoon Salt
- 1 Teaspoon Vanilla Extract
- For the Chocolate Ganache
- 1⅓ Cup Chocolate Chips
- 1 Cup Heavy Whipping Cream
Instructions
- For the Boston Cream Pie Cupcakes
- Preheat oven to 350 degrees F. Line a cupcake pan with paper liners.
- In a large bowl, cream butter and sugar until light and fluffy.
- Stir in vanilla, eggs, and baking powder.
- Gradually add flour and buttermilk a little at a time until just combined.
- Fill prepared liners ¾ of the way full. Bake for 18-23 minutes or until a toothpick inserted in the center comes out clean.
- Cool completely.
- For the filling
- In a medium bowl, beat egg yolks. Stir in milk until well combined.
- In a large saucepan over medium low heat combine sugar, cornstarch, and salt. Gradually whisk in milk.
- Boil, stirring constantly for 1 minute. Immediately remove from heat.
- Place sauce pan into an ice bath. Cool slightly and stir in vanilla.
- When mixture has cooled a bit, stir in vanilla.
- For the Chocolate Ganache
- Place chocolate chips in a large bowl.
- In a medium sauce pan, bring heavy cream to a simmer. Remove from heat and pour over chocolate chips.
- Cover for 5 minutes, and then stir until smooth.
- Putting It All Together
- Core out the center of each cupcake using a cupcake corer or nice. Fill each cupcake with pastry cream.
- Dip into a generous amount of ganache. Allow to set for 30-60 minutes.
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