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!
White Chocolate Strawberry Cupcakes
White Chocolate Strawberry Cupcakes are moist and dense vanilla cupcakes with strawberry filling, topped with a layer of melted white chocolate and strawberry-white chocolate cream cheese frosting.
For the past few days as I browsed the Internet hoping to find the inspiration for my new culinary adventures, I came across many recipes for pumpkin and apple treats. I know, the autumn has arrived and that Halloween is approaching; nevertheless I decided to take a step back and recall the summer days by posting a recipe for a light and refreshing dessert.
Hmmm, but what kind of a dessert would it be? Of course, what would said summer more than the refreshing strawberry flavor! Enough with chocolate desserts that my household members fancy. It’s time to satisfy my own cravings! I’ll start with vanilla and it is going to be a true summer dessert made in the midst of grim autumn.
Ingredients
- For Vanilla Cupcakes:
- 2 cups all-purpose flour
- 4 tablespoons corn-strach
- 1 teaspoon baking powder
- 2 cups sugar
- 1 cups vegetable oil
- 1 cup milk
- 4 eggs (lightly beaten)
- 2 teaspoon vanilla extract
- Filling:
- 1 cup strawberry jam
- For topping:
- 6 oz white chocolate
- For the frosting:
- 1 1/2 cup heavy whipping cream
- 4 oz. cream cheese-softened
- 1 teaspoon vanilla extract
- 4 oz. white chocolate- melted
- 1 cup (or more) powdered sugar
- 1/3 cup strawberry jam
- For garnish:
- 3 tablespoon strawberry sauce
- 2 tablespoon strawberry jam
- white chocolate shavings
Instructions
- Preheat the oven to 350 degrees F, and line your cupcake pans with your liners.
- In a large bowl mixed together dry ingredients (flour, sugar, corn-strach, baking powder)
- In lightly beaten eggs add wet ingredients (oil, milk, vanilla extract) and mix well.
- Add dry ingredients and mix until it’s evenly combine.
- Fill the cupcake liners about 2/3 full.
- Bake until a toothpick inserted in the center of a cupcake comes out clean (it takes about 15- 20 minutes)
- Let the cupcakes to cool completely.
- Whit the sharp knife cut the cone and fill the cupcakes with strawberry jam(1-2 teaspoon of strawberry jam per cupcakes) cut the tops and place them back onto filled cupcakes.
- Melt white chocolate and spread with the spoon over the cupcakes.
- To make the frosting, melt white chocolate over a double boiler and set aside to cool.
- Beat heavy whipping cream until soft peaks form, add powdered sugar and vanilla and continue mixing on high speed until stiff peaks form, mix in strawberry jam and set aside.
- Beat cream cheese until fluffy then add it to heavy cream, mix until smooth, then gradually add cooled melted white chocolate and mix until combined.
- Frost the cupcakes and store in the fridge.
- Before serving drizzle cupcakes with the mixture of strawberry sauce and jam and garnish with white chocolate shavings.
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