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!
TO DIE FOR CARROT CAKE
This To Die For Carrot Cake recipe receives rave reviews for it’s unbelievable moistness and delicious flavor! Truly the BEST CARROT CAKE you’ll ever try! So easy to make and as an added bonus, there’s no oil or butter. I know this cake will quickly become a family favorite!
Ingredients
- Cake:
- One
- 1 1/4 cups unsweetened applesauce or oil, this is what my Nana used
- 2 cups granulated sugar
- 3 eggs room temperature
- Two
- 2 cups all-purpose flour
- 1 tsp baking soda
- 1 1/2 tsp baking powder
- 1/2 tsp salt
- 1 tsp cinnamon
- Three
- 2 cups grated carrots
- 1 cup shredded sweetened coconut
- 1 cup chopped nuts optional
- 1 tsp vanilla
- 1 cup Dole crushed pineapple not drained! {use the pineapple in JUICE not syrup}
- Cream Cheese Frosting:
- 1/2 cup butter softened
- 8 oz cream cheese softened
- 1 tsp vanilla
- 1 lb powdered sugar
- top with toasted pecans or coconut if desired
Instructions
- Preheat oven to 350 degrees.
- Combine #1 ingredients. Add #2 ingredients. Stir in #3 ingredients.
- Pour into a lightly greased 9 x 13 , two 9-inch pans or three 8-inch pans. (The cake is very moist so cutting parchment for the bottom of your pans will ensure they don't stick. I prefer to use the non-stick baking spray that has the flour in it for easy cake removal.)
- Bake for 35-40 minutes for the 9x13 and 9-inch pans and 25-30 minutes for the 8-inch pans. You're looking for an inserted toothpick to come out clean.
- Let cakes cool for 10 minutes in the pan and then remove to a cooling rack and let cool completely.
- For the frosting:
- Beat the butter and cream cheese until nice and fluffy. Add in the vanilla and powdered sugar and beat until nice and smooth.
- Invert the cake onto a cake plate or stand.
- Apply a generous dollop of frosting and spread...
- Gently place the second cake on top and continue frosting. Repeat with the third cake if you made three.
- Refrigerate for an hour before serving for best results.
Recipe Notes
The frosting recipe can be doubled if you are planning on piping a border and adding a lot of frosting decorations to the top of the cake.
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