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!
Perfect Gluten-free Angel Food Cake
Gluten-Free Angel Food Cake! The best-tasting angel food cake you’ll ever eat. Light, fluffy and perfect for your favorite desserts. Nobody will ever guess it’s gluten-free!
his is still my go-to recipe for angel food cake! People are always amazed this is gluten-free. I like using it in desserts like trifle or serving it on it’s own with berries and whipped cream. I’ve updated the recipe the way I’ve been making it lately with easier-to-find ingredients. Enjoy!
To me, angel food cake is more than just a vehicle for strawberries and cream.
Angel food cake is what my Mom and I would make for birthdays every year. She would mix sprinkles into the batter and top it with my Grandma’s 7-minute frosting.
If you’ve never had 7-minute frosting, imagine a cross between a fresh marshmallow and whipped cream. It is pure heaven on fluffy angel food cake!
You can use any gluten-free all-purpose flour blend you like in this recipe. I like using this one from King Arthur Flour or this one from Bob’s Red Mill. Use this angel food cake to make all your favorite desserts gluten-free!
INGREDIENTS
- 1 1/2 cups egg whites (from 10-11 large eggs)
- 3/4 cup gluten-free all purpose flour
- 1/4 cup cornstarch
- 3/4 cup powdered sugar
- 3/4 cup + 2 tablespoons granulated sugar
- 1/4 teaspoon salt
- 1 1/2 teaspoons cream of tartar
- 1 tablespoon vanilla
- 1/4 teaspoon almond extract
INSTRUCTIONS
- Separate the egg whites and allow them to sit at room temperature for at least 30 minutes.
- Preheat the oven to 350. In the bowl of a food processor, process the flour, cornstarch and powdered sugar together until smooth, about 30 seconds. Set aside.
- Process the granulated sugar slightly, about 5-7 pulses. You don’t want to turn it into powdered sugar, just a little finer than it is normally. Set aside.
- Place the egg whites in the bowl of a stand mixer. Beat on high until starting to foam then add the salt and cream of tartar.
- Add the vanilla and almond extract and continue whipping on high speed.
- Add the granulated sugar slowly, about 1 tablespoon at a time to the egg whites while they are whipping.Continue whipping until stiff peaks form.
- Slowly fold in the dry ingredients 1/3 at a time with a spatula. Do this carefully and slowly so you don’t deflate the egg whites. (This is the key to good angel food cake.) Scoop into a ungreased 10-inch round pan.
- Bake at 350 for about 35-40 minutes until lightly golden. Immediately invert pan onto a cooling rack when you remove it from the oven. Cool completely then run a knife along the edges of the pan and carefully plate the cake. Enjoy!
NOTES
Previous recipe used 1/2 cup brown rice flour, 1/4 cup + 1 tablespoon tapioca starch, 3 tablespoons potato starch for the dry ingredients. This will still work great!
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