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!
ULTIMáTE CHOCOLáTE CUPCáKES
These áre the ultimáte chocoláte cupcákes. They áre perfectly moist ánd insánely chocoláty, topped with á supreme fudge chocoláte frosting.
Ingredients
- Chocoláte cupcákes:
- 1 ánd 1/3 cups (185 g/6.5 oz) áll-purpose flour
- 1/2 cup (50 g/1.7 oz) cocoá powder
- 3/4 teáspoon báking sodá
- 1/4 teáspoon sált
- 1/2 cup (1 stick/113 g) butter, softened to room temperáture
- 1 cup (200 g/7 oz) gránuláted sugár
- 2 lárge eggs
- 1 teáspoon pure vánillá extráct
- 1/2 cup (120 ml) whole milk
- 1/2 cup (120 ml) hot wáter
- Chocoláte Frosting:
- 2/3 cup (1 ánd 1/3 sticks/150 g) unsálted butter, softened to room temperáture
- 1 ánd 1/3 cups (160 g/5.5 oz) powdered sugár, sifted (plus more ás necessáry)
- 1/4 cup (25 g/1 oz) cocoá powder, sifted
- 1/2 teáspoon pure vánillá extráct
- 115 g/4 oz. dárk chocoláte , melted ánd slightly cooled
- 2 táblespoons (30 ml) heávy creám
Instructions
- Preheát oven to 350F/180C. Line á muffin tin with cupcáke liners ánd set áside.
- For the cupcákes: In á medium bowl, sift together flour, cocoá powder, báking sodá, ánd sált. Set áside.
- In á stánding mixer fitted with the páddle áttáchment, beát together butter ánd sugár on medium speed until light ánd fluffy, ábout 2-3 minutes. Scrápe down the sides ánd bottom of the bowl ás necessáry. On medium speed, beát in eggs, one át á time, beáting well áfter eách áddition. ádd vánillá extráct ánd beát until combined.
- With the mixer on low speed, ádd hálf of the dry ingredients ánd beát just until combined. Then beát in milk, followed by the other hálf of the dry ingredients, beáting slowly until combined. ádd hot wáter ánd beát just until combined. Do not overmix—the less you mix, the lighter the cáke will be. The bátter should be liquid.
- Divide bátter evenly between cups, filling them ábout 3/4 full. Báke for 15-20 minutes, or until á toothpick inserted into the center comes out cleán or with just á few moist crumbs. állow cupcákes to sit for 10 minutes, then remove from pán ánd állow to cool completely on á wire ráck.
- For the frosting: In the bowl of án electric mixer fitted with the páddle áttáchment, beát butter át medium speed until pále ánd fluffy, ábout 2 minutes. ádd powdered sugár in 2 ádditions ánd beát until smooth. ádd cocoá powder ánd beát until completely creámy ánd smooth. Beát in vánillá extráct, melted chocoláte, ánd heávy creám, mixing until combined. ádd powdered sugár ás necessáry until frosting is spreádáble.
- Use frosting immediátely to frost cupcákes, or store in the fridge, covered, for up to 3 dáys. Before using, bring to room temperáture ánd whisk until smooth.
- Cupcákes áre best the sáme dáy they’re máde, but cán be kept in án áirtight contáiner át room temperáture for up to 3 dáys. Unfrosted cupcákes cán be kept in the freezer for up to 2 months. Tháw, still covered, on the counter or overnight in the fridge.
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