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!
Lemon Cupcakes with Blackberry Buttercream
Super soft and fluffy lemon cupcakes topped with homemade blackberry buttercream frosting. They’re easy to make – and even easier to EAT! This is one cupcake flavor duo you don’t want to miss!
Ingredients
- For the cupcakes:
- 1 3/4 cups cake flour
- 1 1/4 teaspoons baking powder
- 1/2 teaspoon baking soda
- 1/4 teaspoon salt
- 1/2 cup sour cream (I used full fat)
- 1/2 cup milk (I used whole)
- 2 teaspoons vanilla extract
- 2 large egg whites, at room temperature
- 1 stick (4 ounces) unsalted butter, melted
- 1 cup granulated sugar
- *Zest of one lemon (about 2 teaspoons)
- For the Blackberry Buttercream:
- 1 cup blackberries
- 2 tablespoons lemon juice
- 2 sticks (8 ounces) unsalted butter, VERY soft
- 1/2 teaspoon salt (do not SKIP!)
- 4 cups confectioners sugar (more if needed), sifted
Instructions
- Preheat oven to 350 degrees (F). Line a 12 mold muffin tin with paper liners; set aside.
- In a medium bowl combine flour, baking powder, baking soda, and salt; mix well to combine. Set aside.
- In a large measuring cup or bowl combine sour cream, milk, vanilla, and egg whites; mix well to combine. Set aside.
- In a small bowl combine sugar and lemon zest. Using your fingertips, rub the zest IN to the sugar, until fragrant and well combined.
- In a large bowl or stand mixer fitted with the paddle attachment beat melted butter and sugar on medium speed until well combined; about 2 minutes.
- Slowly add the flour mixture to the butter/sugar combination, beating until just combined. Add in sour cream/milk/egg combo and beat on low until *just combined. Over-mixing will result in a dryer/denser cake.
- Divide the cupcake batter evenly into the 12 molds, then place the pan in the oven. Bake for about 16 minutes, or until a toothpick inserted into the center of a cupcake comes out clean. Allow cupcakes to cool completely before topping with frosting.
- For the blackberry buttercream:
- Combine the blackberries and lemon juice in a small saucepan. Bring to a simmer over medium heat, and stir constantly until blackberries have become soft enough to mash effortlessly.; about 6-7 minutes It will look like blackberry jam. Once the mixture can coat a spoon (you will have about 1/4 cup of blackberry puree) remove from heat. Place a fine-mesh strainer over a small bowl and push the puree though, leaving any seeds/large chunks behind. Allow mixture to cool completely before using.
- When ready to make buttercream:
- Place soft butter in the body of a stand mixer fitted with the paddle attachment; beat butter on medium-speed until completely smooth, scraping down the sides when needed; about 2 minutes. Add in the blackberry puree and beat until completely combined, scraping down the sides of the bowl if needed. Add in the confectioners sugar, one cup at a time, on low speed. Once all of the sugar has been added, add in salt then increase speed to medium-high and beat for 2 full minutes. Ice cupcakes as desired.
- *Cupcakes can be made up to 6 hours ahead of time, but be sure to store in the fridge and bring to room temperature 30 minutes before serving.
Notes
*For a stronger lemon taste, add 1 or 2 teaspoons of lemon juice to the batter. To do this, quickly stir it in right at the end, mixing just until combined.
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