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!
THE BEST VANILLA CUPCAKE + THE BEST COFFEE BUTTERCREAM
Well, it uses much less sugar and much less butter than most of the cupcake recipes out there. And doesn't sugar and butter make everything good?? And their mixing method wasn't the traditional creaming method. Instead, you first combine all the dry ingredients with the butter and mix it until you get a crumb mixture ... then add the wet ingredients. The ever-so-slight modification I made was to increase the vanilla, as the original recipe called for only 1/4 teaspoon, resulting in a too-faint vanilla flavor for me. With this one small change, these cupcakes were vanilla cupcake perfection!
Vanilla Cupcakes
Ingredients
- 1 c. all-purpose flour
- A scant 3/4 c. granulated sugar
- 1 1/2 tsp. baking powder
- Pinch of salt
- 3 T. butter, at room temperature
- 1/2 c. whole milk (I also tried it with 2% milk, and it worked fine)
- 1 egg
- 1 tsp. vanilla extract
Directions
- Put the flour, sugar, baking powder, salt, and butter in mixing bowl. Beat on slow speed until everything is combined and you have a crumb mixture with a sandy consistency. Gradually pour in half of the milk; beat until the milk is just incorporated.
- Whisk together the remaining milk (1/4 cup), egg, and vanilla. Pour into the flour mixture and beat until all ingredients are just incorporated. Beat for about another 30 seconds to one minute until the batter is smooth. Do not over mix.
- Spoon batter into muffin pan cups lined with paper cupcake liners, filling cups 1/2 full. Bake at 325 degrees for 20 - 25 minutes, or until light golden and the cake springs back when lightly touched. Cool slightly in the pan before removing cupcakes to a wire rack. Cool completely before frosting.
- NOTE: This recipe makes 12 cupcakes. And it really does make 12! Fill your cups only 1/2 full, as this batter rises quite a bit. When I divided the batter between only 10 muffin cups, I had several that rose over the sides of the cups way too much. If you're like me, you'll feel like there's not enough batter to stretch to 12 cupcakes ... but there really is.
Coffee Buttercream Frosting
Ingredients
- 1 1/2 T. instant coffee granules
- 1 1/2 T. water
- 1 1/2 T. vanilla extract
- 3/4 lb. (3 sticks) unsalted butter, softened
- 3 c. confectioners' sugar
- 3 T. milk
- chocolate covered espresso beans for garnish, optional
Directions
- Combine water, coffee granules, and vanilla extract in a small bowl; stir to dissolve coffee. Set aside.
- Beat butter in bowl of an electric mixer on medium speed until fluffy, about 1 minute. Reduce mixer speed to low. Add confectioners' sugar, 1 cup at a time, beating for a few seconds between each addition. Increase mixer speed to medium and beat for about 3 minutes.
- Add the coffee mixture and milk; beat on low speed to combine. Scrape down sides and bottom of the bowl. Increase mixer speed to medium and beat until fluffy, about 4 minutes. Frosts 18 cupcakes.
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