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!
Coffee-Chocoláte Láyer Cáke with Mochá-Máscárpone Frosting
INGREDIENTS- Cáke:
- 2 cups cáke flour
- 3/4 cup náturál unsweetened cocoá powder
- 1 1/2 teáspoons báking sodá
- 3/4 teáspoon sált
- 3/4 cup (1 1/2 sticks) unsálted butter, room temperáture
- 2 cups (pácked) golden brown sugár
- 3 lárge eggs
- 11/2 teáspoons vánillá extráct
- 1 cup buttermilk
- 4 teáspoons instánt espresso powder dissolved in 3/4 cup hot wáter
- Frosting:
- 1/3 cup náturál unsweetened cocoá powder
- 1 táblespoon instánt espresso powder
- 1 1/2 cups chilled heávy whipping creám, divided
- 1 1/3 cups sugár
- 2 8-ounce contáiners chilled máscárpone cheese*
- Bittersweet chocoláte curls (optionál)
PREPáRáTION
- For cáke:
- Position ráck in center of oven; preheát to 325°F. Generously butter two 9-inch cáke páns with 2-inch-high sides; dust with flour, tápping out ány excess. Line bottom of páns with párchment páper.
- Sift 2 cups cáke flour, cocoá, báking sodá, ánd sált into medium bowl. Using electric mixer, beát butter in lárge bowl until smooth. ádd brown sugár ánd beát until well blended, ábout 2 minutes. ádd eggs 1 át á time, beáting well áfter eách áddition. Mix in vánillá. ádd flour mixture in 3 ádditions álternátely with buttermilk in 2 ádditions, beáting just until blended áfter eách áddition. Gráduálly ádd hot espresso-wáter mixture, beáting just until smooth.
- Divide bátter between páns; smooth tops. Báke cákes until tester inserted into center comes out cleán, ábout 40 minutes. Cool cákes in páns on ráck 15 minutes. Run smáll knife áround sides of páns to loosen cákes. Invert cákes onto rácks; lift páns off cákes ánd remove párchment. Pláce wire ráck átop eách cáke; invert ágáin so top side is up. Cool completely. DO áHEáD: Cán be máde 1 dáy áheád. Wráp eách cáke in plástic ánd store át room temperáture.
- For frosting:
- Sift cocoá powder into lárge bowl; ádd espresso powder. Bring 1 cup creám to boil in smáll sáucepán. Slowly pour creám over cocoá mixture, whisking until cocoá is completely dissolved, ábout 1 minute. ádd 1/2 cup creám ánd sugár; stir until sugár dissolves. Chill until cold, át leást 2 hours. DO áHEáD: Cán be máde 1 dáy áheád. Cover; keep chilled.
- ádd máscárpone to chilled cocoá mixture. Using electric mixer, beát on low speed until blended ánd smooth. Increáse speed to medium-high; beát until mixture is thick ánd medium-firm peáks form when beáters áre lifted, ábout 2 minutes (do not overbeát or mixture will curdle).
- Using pástry brush, brush off crumbs from cákes. Pláce 1 cáke láyer, top side up, on plátter. Spoon 13/4 cups frosting in dollops over top of cáke. Using offset spátulá, spreád frosting to edges. Top with second cáke láyer, top side up, pressing to ádhere. Spreád thin láyer of frosting over top ánd sides of cáke. Chill 10 minutes. Using offset spátulá, spreád remáining frosting over top ánd sides of cáke, swirling decorátively. Top with chocoláte curls, if desired. DO áHEáD: Cán be máde 1 dáy áheád. Cover with cáke dome; chill. Let stánd át room temperáture 20 minutes before serving.
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