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!
Cream Cheese Apple Coffee Cake
I was very wary when titling this post. Last time I posted a coffee cake, I got multiple commenters and emailers saying, "Excuse me, but where is the coffee in this coffee cake recipe? I have read it through multiple times and I just cannot find the coffee. Please help!"
Really though, I shouldn't make fun of you wonderful commenters.
But while I'm already on a roll, can we just talk about the people who ask if "this chocolate chip cookie recipe will still turn out the same if we leave out the chocolate chips" (to whom I must answer, "What do you live for?"). Or how about the people who ask in earnest if cupcakes are meant to be served as a side dish or dessert?
I'm not even joking when I say, these kind of comments are what make blogging worth it.
Enjoy your coffee cake. Good day.
Cake Ingredients:
- 1/2 cup (1 stick) butter, softened
- 1/2 cup brown sugar
- 1/4 cup white sugar
- 1 egg
- 1/4 cup vegetable oil
- 1/2 tablespoon vanilla
- 1 1/2 cups all-purpose flour
- 1/2 teaspoon baking soda
- 1/2 teaspoon baking powder
- 1/4 teaspoon salt
- 1 teaspoon cinnamon
- 1 1/2 cups chopped apples (chopped small)
Cream Cheese Layer Ingredients:
- 8 oz. softened cream cheese
- 1 teaspoon vanilla
- 3 tablespoons white sugar
Streusel Ingredients:
- 3/4 cup white sugar
- 1/4 cup brown sugar
- 1/2 cup flour
- 1 teaspoon cinnamon
- 1/2 teaspoon baking powder
- 1/8 teaspoon salt
- 6 tablespoons cold butter
Directions:
- Preheat oven to 350ºF and grease an 8x8 inch square pan.
- Combine the butter and sugars for the cake and mix until fluffy. Add the egg, oil, and vanilla and mix until combined.
- Stir together the flour, baking soda, baking powder, salt, and cinnamon and stir into the butter mixture, mixing just until combined. Stir in the chopped apples. Spread into the prepared pan.
- Mix together the cream cheese, sugar, and vanilla for the cream cheese layer and spread over the cake batter in the pan.
- Combine all the streusel ingredients using your hands or a pastry blender until well combined. Sprinkle over the cream cheese mixture.
- Bake for about 45 minutes or until the topping is browned.
- Can be stored in the refrigerator.
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