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!
Waffle Ice Cream Cake
Holy moly! If you’re a fan of waffles and ice cream, then this recipe totally takes the cake (pun intended)! We’re partnering up with the Food Network’s Chopped Junior (all new Tuesdays at 8|7c) to bring you this epic food mashup, where we take the concept of an ice cream sandwich and marry it with the concept of an ice cream cake. Then, since we’re not holding back with this recipe, we take the whole idea and waffle-ize it. If you’re looking for a dessert that has that wow-factor, but is also super simple to throw together, then you’ll definitely want to give this beautiful waffle ice cream cake a try! Just watch how easily it comes together.
INGGREDIENTS
- 1 box chocolate cake mix, plus the ingredients called for in the package directions
- 2-3 cups vanilla ice cream
- 2-3 cups chocolate ice cream
- 2-3 cups strawberry ice cream
- 8 oz strawberries – divided – 2 cut and fanned for garnish
- ⅓ cup sugar
- Hot fudge
Equipment
- 7” Waffle Maker
- Cooling Racks
- Sheet Pans
- 1 Icing Spatula
Instructions
- Preheat waffle maker on high per manufacturer’s instructions. Prepare cake mix per box instructions. When waffle iron is fully heated, pour a heaping ½ cup cake batter into the center of the iron. Cook until indicator light goes off, remove and place waffle on a cooling rack. Repeat, making four waffles. Once cooled, place in freezer until ready to use.
- Hull and chop the strawberries for the sauce. (Reserve 2 of the best looking strawberries for garnish.) Place in a saucepan and combine with the sugar. Stir occasionally and cook over medium heat until sauce has thickened and reduced. Remove from heat and puree. Refrigerate until cooled completely.
- Working one at a time, scoop 2-3 cups of softened ice cream on a frozen waffle. Spread the ice cream like frosting, evenly and smoothly, out to the edges of the cake. Place finished layer in the freezer for 30 minutes to 1 hour. Repeat with remaining 2 flavors.
- To assemble: Place the chocolate waffle layer on a plate or frozen sheet pan. Place the strawberry waffle layer on top of the chocolate ** and spoon two large spoonfuls of the cooled strawberry sauce onto the middle of the ice cream. Take the vanilla ice cream layer and top with the remaining waffle. Press the waffle down evenly, then place on top of the strawberry layer with the sauce. Press gently on the top, and then freeze the whole cake for 2 hours or up to overnight. Garnish with fresh strawberries and hot fudge.
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