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!
BUTTERMILK MEXICAN CHOCOLATE POUND CAKE
Buttermilk Mexican Chocolate Pound Cake is a wonderfully delicious chocolate cake with a cinnamon twist!
If you’re looking for something just a little different in the chocolate pound cake arena, then this Buttermilk Mexican Chocolate Pound Cake recipe may be just your thing. The combination of chocolate and cinnamon is one of my favorites, and it’s so, so good in this simple cake.
This cake gets its rich chocolate flavor not just from plenty of cinnamon-spiced chocolate, but also from a good dose of chocolate syrup. That boosts the chocolate flavor in such a wonderful way. It’s not something I often keep in my kitchen, but it’s absolutely worth picking up some to make this fantastic cake.
Buttermilk Mexican Chocolate Pound Cake is a simple and delicious twist on classic chocolate pound cake. That little bit of spice makes this cake really special!
INGREDIENTS:
- 8 ounces (by weight) Mexican chocolate, roughly chopped*
- 2 & 1/2 cups all-purpose flour
- 1/4 teaspoon baking soda
- 1/4 teaspoon salt
- 1 cup unsalted butter, softened
- 1 cup granulated sugar
- 1/2 cup firmly packed light brown sugar
- 4 large eggs
- 1/2 cup chocolate syrup
- 2 teaspoons vanilla extract
- 1 cup buttermilk
- confectioners’ sugar, for garnish
DIRECTIONS:
- Preheat oven to 325°F. Generously grease a 12-cup Bundt pan or a 10-inch tube pan.
- Place the chocolate in a microwave-safe bowl. Heat at half-power in 30-second increments until the chocolate melts when stirred. Stir until smooth. Set aside to cool completely.
- Whisk together the flour, baking soda, and salt. Set aside.
- Using an electric mixer on medium speed, beat the butter, sugar, and brown sugar until light and fluffy. Add the eggs, one at a time, mixing well after each addition.
- Stir in the melted chocolate, chocolate syrup, and vanilla.
- Reduce mixer speed to low. Add the flour mixture in three portions, alternating with two portions of buttermilk. Mix just until combined.
- Transfer the batter to the prepared pan. Bake for 1 hour to 1 hour 10 minutes, or until a pick inserted into the center of the cake comes out clean.
- Cool the cake in the pan for 10-15 minutes. Then transfer the cake to a wire rack to cool completely.
- Sprinkle with confectioners’ sugar before serving.
NOTES:
*Look for Mexican chocolate with the international foods. Don’t confuse it with Mexican chocolate powders for making hot chocolate. If you don’t have access to Mexican chocolate, you can substitute semisweet chocolate plus 2 teaspoons ground cinnamon.
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