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!
Peach Upside Down Cake
“Movin’ to the country, gonna eat a lot of peaches. Movin’ to the country, gonna eat me a lot of peaches.” I’m sure you’re singing this song in your head right now, and if you’re not because you don’t know this song go listen to it right now!
Even though my desire to move to the country is not strong, eating a lot of peaches is; and because tomorrow kicks off National Peach Month, what better way to do so than with this peach upside down cake?
Caramel peaches stud the top of this cream cheese cake that will be the show stopper at your next brunch.
Ingredients
- Cake Ingredients:
- 2 ¼ cups all-purpose flour
- 1 Tbsp. baking powder
- ½ tsp. salt
- 1 ½ tsp. cinnamon
- ½ tsp. allspice
- ½ tsp. nutmeg
- 1 cup unsalted butter, softened
- 1 ½ cups granulated sugar
- 2 large eggs
- 1 cup Greek yogurt
- 2 tsp. vanilla extract
- 8 oz cream cheese, cubed
- Peach Ingredients:
- 2 large peaches, peeled and sliced (about 2 cups)
- 4 Tbsp. butter
- ½ cup packed brown sugar
- Cinnamon Cream Cheese Frosting:
- 4 oz cream cheese, softened
- 4 Tbsp. butter, softened
- 1 ½ cups powdered sugar, sifted
- ½ tsp. cinnamon
- ¼ tsp. vanilla
Directions:
Preheat oven to 350°F. Grease a 10” Bundt pan with cooking spray and dust with flour.
In a medium size bowl, whisk together the flour, baking powder, salt, cinnamon, allspice and nutmeg. Set aside.
In a large bowl, beat the butter until creamy. Add the sugar and beat until light and fluffy.
Beat in the eggs, one at a time, mixing well after each addition. Add in the Greek yogurt and vanilla and continue to beat on until completely incorporated and smooth.
Add in half the flour mixture until combined. Add the remaining flour mixture and continue to beat until smooth. Fold the cubed cream cheese into the batter.
In a large skillet, melt the butter over medium heat. Add the brown sugar and whisk until sugar is dissolved and bubbly.
Add the peaches and stir until well coated (about 3-5 minutes). Pour into the prepared Bundt pan. Pour the batter over the peaches.
Bake for 1 hour, or until a toothpick inserted into the center comes out clean and cake begins to pull away from the edges.
Cool cake in Bundt pan for 15-20 minutes, then invert on a plate.
10. For the frosting, in a medium size bowl, beat the cream cheese and butter until smooth.
11. Add the sifted powdered sugar and beat until combined. Add the cinnamon and vanilla and stir to combine.
12. Drizzle half of the frosting over the warm cake. Allow cake to cool completely and drizzle remaining frosting over the top.
Recipe Notes
Note: Fresh peaches are best in the summer, but if you are by chance making this cake during the off-season, frozen, thawed peaches work just fine.
Note: Do not overcook your brown sugar and butter for the peaches. Crack your teeth caramel does not make for an enjoyable brunch.
Note: Cream cheese is a dream come true in this cake, so don't skimp and use low fat/fat free.
Note: Prep your bundt pan with lots of spray {or butter}. This will ensure your {not so} hard work pays off
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