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!
RED, WHITE, AND BLUE MINI CAKES
These Red, White, and Blue Mini Cakes are perfect for all your patriotic parties and BBQs this summer!
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Are you looking for a super fun, patriotic dessert idea? This Red, White, and Blue Mini Cakes recipe is it!
I’ve kind of been obsessed with mini layer cakes ever since I made these adorable mini ombre cakes for Valentine’s Day. And then I made them in green for St. Patricks’s Day, too!
I just love these miniature cakes. They’re basically a petite naked cake, and they’re so fun and cute. Plus, you can easily switch up the colors, making them perfect for any holiday or occasion.
Ingredients
- nonstick spray
- flour
- 1 box vanilla cake mix (plus ingredients to prepare mix: eggs, oil, etc.)
- red and blue food coloring
- 2 containers vanilla or white frosting
- red, white, and blue sprinkles
Instructions
- Preheat oven to 350 degrees.
- Spray 3 9-inch cake pans with nonstick spray, then coat lightly with flour.
- Prepare cake mix according to package directions. (Tip: for a white cake, use egg whites, not whole eggs.)
- Measure batter, then divided evenly into three bowls.
- Color batter in one bowl red, and another bowl blue, using food coloring.
- Transfer batter to prepared cake pans. Bake until a toothpick inserted in the center comes out clean, about 10 to 12 minutes.
- Let cake cool slightly, then remove cake from pans and transfer to a wire rack to cool completely before frosting.
- Use a 2.5-inch circle cutter to cut each layer into 7 circles. (Tip: If your cake layers have a dome after baking, slice off the tops with a serrated knife before cutting out the circles.)
- Cover a blue cake circle generously with frosting, then top with a white circle, and add more frosting. Finish with a red colored layer, topping with more frosting.
- Use the flat side of a knife to remove excess frosting from the sides of the cake.
- Repeat process with remaining cake, then top cakes with red, white, and blue sprinkles.
- Serve cakes immediately or store in a cool place. Enjoy!
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