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!
GRANDMA’S APPLE CAKE WITH CINNAMON CRACKLE GLAZE
This is one of the few ‘from scratch’ cakes here at Shaken Together. If I don’t default to a box mix, then you know that this is a treasured, tried and true recipe. Just like I know any recipe written in grandma’s sloping script is going to be delicious, I know that McCormick spices are going to deliver on quality and flavor in my kitchen. Those iconic red lids have been in our family’s pantries for as long as I can remember. For this classic family holiday recipe, both the batter and the glaze get that warm comforting taste of cinnamon thanks to McCormick Ground Cinnamon.
an’t you almost smell it?! The spicy fragrance of cinnamon, the sound of my grandma cutting apples and plunking them into a bowl from the blade of her paring knife, the feel of a nubby rag rug under my feet in her kitchen … those are the memories that come to mind when I bake something that I know came from her home.
I mean, just look at this apple and walnut studded batter … you can see the rich brown flecks of cinnamon and loads and loads of fruit and nuts. This has holiday baking written allllll over it!
Ingredients
For the cake:
- 1 cup brown sugar
- 3/4 granulated sugar
- 1 cup vegetable oil
- 3 large eggs
- 2 cups all purpose flour
- 1 1/2 teaspoons McCormick Ground Cinnamon
- 1/2 teaspoon salt
- 1 teaspoon baking powder
- 1 cup walnut pieces
- 2 1/2 cups apples diced
For the glaze
- 1/4 cup brown sugar
- 1/4 cup granulated sugar
- 2 tablespoons unsalted butter
- 2 tablespoons milk
- 1 tablespoon all purpose flour
- 1/2 teaspoon McCormick Ground Cinnamon
- 1 teaspoon McCormick Pure Vanilla extract
Instructions
For the cake
- Preheat oven to 375 degrees F.
- Prepare a 9x13 baking pan with nonstick cooking spray.
- With a hand mixer or in the bowl of your stand mixer, cream together sugars, eggs and oil until well blended.
- Add dry ingredients and mix well.
- Fold in apples and nuts.
- Pour the batter into baking pan. (It will be thick with the apples and nuts very visible.)
- Bake for 40-45 minutes or until a toothpick comes out clean.
For the glaze
- In a medium saucepan over medium heat, stir or whisk together all ingredients.
- Allow glaze to thicken slightly - stirring frequently - and pour it over the warm cake.
- Use a spatula to quickly and gently, spread the glaze over the surface of the cake.
- Allow cake to cool, then slice and serve.
Recipe Notes
- A quick tip: Since the cake and glaze have similar ingredients, measure the ingredients for the glaze right into your saucepan as you measure them for the cake.
- Trust me when I say that one piece of Grandma’s Apple Cake will not be enough. And vanilla (or even butter pecan) ice cream is highly recommended!
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