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!
MARGARITA CAKE WITH TEQUILA LIME BUTTERCREAM
With Cinco de Mayo just around the corner, we have revisited an old favorite- Margarita Cake!
We’ve made some adjustments to our original Margarita Cake recipe, and this version is bursting with lemon-lime flavor and has an added kick from our tequila-lime buttercream! This cake is an instant fiesta!
INGREDIENTS
- 1 stick (1/2 cup) (113g) unsalted butter, softened
- 1 3/4 (350g) sugar
- 4 eggs, room temperature ( eggs can be warmed by putting in a bowl of warm water)
- 3 cups (342g) cake flour - **if you do not have cake flour, see note below
- 1 Tablespoon plus 1/2 teaspoon (15g) baking powder
- 1 teaspoon (6g) salt
- 1 1/4 cup (326 g) frozen Margarita Mix, thawed (we used 10 oz can Bacardi brand non-alcoholic frozen concentrated mixer)
- 1/4 cup (50g) vegetable oil
- 1 teaspoon (4g) vanilla
- **Substitution for Cake Flour: For each cup of all purpose flour in a recipe, remove 2 Tablespoons of the all purpose flour and replace with 2 tablespoons cornstarch. For this recipe, you will measure out 3 cups all purpose flour, remove 6 Tablespoon flour and replace with 6 Tablespoons of cornstarch. Whisk to blend.
- FOR THE TEQUILA LIME BUTTERCREAM
- 2 cups (4 sticks) (453g) unsalted butter, softened
- 10 to 12 cups (1150g to 1380g) powdered sugar (measure by lightly spooning to a cup, then sift. I used 12 cups.)
- 1 teaspoon (6g) salt - popcorn salt melts into the buttercream more easily
- 4 Tablespoon (49g) lime juice (2 small limes)
- 3 Tablespoons (37g) tequila
- 2 teaspoons (11g) milk - milk is optional, you could also use lime juice or tequila
DIRECTIONS
- Preheat the oven to 350 degrees. Grease and flour three 8 inch pans. Use parchment paper or wax paper in the bottom of each pan.
- In a medium sized bowl add the flour, baking powder and salt. Whisk for 30 seconds to blend and set aside.
- In a separate bowl, add the thawed Margarita Mix, oil and vanilla. Set aside.
- In the bowl of your mixer, cream the softened butter. Slowly add the sugar and beat at medium speed for 4 to 5 minutes until lightened in color and fluffy. Add the eggs 1 at a time, blending after each until the yellow is blended into the mixture.
- Add the dry ingredients alternately with the margarita mix mixture, beginning and ending with dry ingredients ( 3 additions of dry and 2 additions of wet ingredients).
- Bake at 350 degrees for 20 to 25 minutes or until a toothpick inserted in the center comes out clean or with just a few crumbs attached. Let cool in pans 10 minutes then turn out.
- Also works well for cupcakes. Makes 7 cups of batter.
- FOR THE FROSTING...
- For the frosting, mix the softened butter until smooth. Slowly add the powdered sugar, salt, tequila, lime juice and milk. Mix on medium speed for 3 minutes adding a bit more liquid if needed or more powdered sugar if too thin. Reduce speed of mixer to low and mix 3 more minutes or until the buttercream is creamy and smooth.
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