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!
CHRISTMAS VANILLA ROLL CAKE RECIPE
A simple vanilla roll cake with red and green dots and spirals of creamy buttercream is the perfect dessert for Christmas parties.
Ingredients
- Vanilla Roll Cake
- 2 eggs
- 3 egg yolks
- 1/2 cup (100 grams) sugar
- 1 teaspoon vanilla extract
- 1/3 cup (30 grams) sifted cake flour
- 3 tablespoons (30 grams) cornstarch
- 1/4 cup red & green Wilton batter bits or edible confetti
- 2 egg whites
- 1 tablespoon sugar
- Vanilla Buttercream
- 1 cup butter, room temperature
- 3 cups (360 grams) powdered sugar
- 3-4 tbsp red & green sprinkles
- 1 teaspoon vanilla extract
- 1-3 teaspoons heavy cream
- Decorations
- 4 oz white chocolate
- red & green sprinkles
Instructions
- Heat the oven to 450F.
- Line a 17X12 jelly/sheet pan with parchment paper . Set aside.
- In a mixing bowl add the 2 eggs, 3 egg yolks and 1/2 cup sugar. With the paddle attachment on, beat on medium to high speed around 5 minutes until pale in color and thickened. Add the vanilla extract and beat few more seconds.
- Sift the flour and the cornstarch over the egg yolks mixture and with a spatula gently fold it in.
- Fold in the batter bits as well.
- In a separate grease-free bowl, add the 2 egg whites and 1 tablespoon of sugar. With a whisk, whip until firm peaks form.
- With the spatula, fold the whipped egg whites into the egg yolks mixture.
- Pour the cake batter into the prepared pan, spread it evenly and bake for 6-7 minutes until golden brown and, when touched, it springs back.
- As soon as you remove the cake from the oven sprinkle with powder sugar and then invert the cake onto a clean dish towel. Remove the parchment paper, sprinkle with more powder sugar, and roll up the cake with the towel. Place on a wire rack to cool
- Vanilla buttercream
- In a clean bowl add the butter. With the whisk attached on to the the mixer whip the butter for 2-3 minutes on medium to high speed.
- Lower the speed and slowly add the sugar, 1/2 cup at a time.
- When all the sugar is incorporated increase the speed and whip for 2 more minutes.
- Add few drops of heavy cream until it reaches the consistency you desire.
- With a spatula fold in the sprinkles.
- Gently unroll the cake and spread the buttercream evenly all over it.
- Roll it again and place in the fridge for a couple of hours.
- To decorate, melt the white chocolate in double boiler or microwave and pour it over the cake. Add Add more sprinkles (optional)
- Let the chocolate settle for few minutes and slice the cake.
Notes
If you can't find the batter bits, you can use Christmas edible confetti instead. They will not bleed while baking the cake.
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