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!
Southern Praline Cake
It doesn’t get more Southern than this. This sweet and moist layer cake is topped with decadent pecan buttercream frosting. This is a show-off cake perfect for any special occasion.
INGREDIENTS
- Praline Cake
- 1 cup (2 sticks) unsalted butter, soft
- 1 1/2 cups Imperial Sugar Extra Fine Granulated Sugar
- 1 cup Imperial Sugar Light Brown Sugar
- 4 large eggs, room temperature
- 1 tablespoon vanilla extract
- 3 cups all-purpose flour*
- 1/2 teaspoon baking powder
- 1/2 teaspoon baking soda
- 1/2 teaspoon salt
- 1 1/4 cups milk
- Buttercream Pecan Frosting
- 2/3 cup unsalted butter, softened
- 6 cups Imperial Sugar Confectioners Powdered Sugar
- 1/2 cup heavy cream or milk
- 1 tablespoon + 2 teaspoons vanilla extract
- 1/8 teaspoon salt
- 4 cups chopped pecans
DIRECTIONS
- Preheat oven to 350°F.
- Butter and flour three 9-inch round baking pans; set aside.
- Beat butter with an electric mixer on medium speed until creamy. Add sugars and beat until light and fluffy. Add eggs one at a time, beating well after each addition. Add vanilla extract and mix well.
- Sift together flour, baking powder, baking soda, and salt. Add 1/4 of flour and combine. Next add 1/3 of milk and combine. Repeat with flour and milk until all is incorporated.
- Divide batter evenly into prepared pans and place in oven. Bake for 30-35 minutes or until a toothpick inserted in center comes out clean.
- Let stand for 10 minutes before removing from pan. Let cool on wire rack.
- For frosting: Cream butter until light and fluffy. Add 1 cup of powdered sugar and beat until light and creamy. Gradually add remaining powdered sugar alternating with cream. Beat until creamy. Add vanilla and salt; mix well. Stir in pecans.
- Spread frosting over cakes, and if desired, decorate with chocolate shavings. To make chocolate curls, place a chocolate bar in a warm room for 2 hours. Use a grater or vegetable peeler to make large chocolate curls.
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