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!
THE MOST DELICIOUS BUCKEYE CAKE RECIPE
THE MOST DELICIOUS BUCKEYE CAKE RECIPE
One of the most requested recipes in my family is for our famous homemade buckeyes but this recipe is one that comes a close second. If you like the peanut butter and chocolate combination of buckeyes, you need to try this recipe for buckeye cake.
Buckeye Cake
This decadent buckeye cake is the perfect combination of chocolate and peanut butter. It's just like the buckeye candy but only in cake form!
Ingredients
For the cake layer:
- 10 tablespoons butter, melted
- 1 1/4 cups granulated sugar
- 3/4 cup plus 2 tablespoons unsweetened cocoa powder
- 1 teaspoon vanilla
- 2 large eggs
- 1/2 cup flour
For the peanut butter fudge layer:
- 3/4 cup creamy peanut butter
- 1/4 cup unsalted butter, softened
- 1/4 teaspoon vanilla extract
- 3/4 cup powdered sugar
- For the ganache layer:
- 1 cup heavy whipping cream
- 2 cups (12 ounce package) Nestle Toll House Semi-Sweet Chocolate Morsels
Instructions
- To begin, preheat the oven to 325 degrees. Grease a 9-inch-round cake pan. Line the bottom of the pan with parchment paper; grease again.
- For the cake, beat eggs and sugar in large bowl.
- Stir in flour, melted butter, cocoa, and vanilla extract until smooth. Pour into prepared pan.
- Bake for 25 minutes or until a wooden pick inserted in the middle comes out clean.
- Cool on wire rack for 5 minutes. Run knife around edge of cake; cool for an additional 10 minutes. Invert cake onto serving platter. Remove pan and parchment paper; cool completely.
- For the peanut butter layer, beat peanut butter, butter and vanilla extract in medium mixer bowl until combined.
- Gradually beat in powdered sugar. You can do this with a mixer or by hand.
- Spread mixture on cake, all the way to the edge of the cake. Refrigerate for 30 minutes.
- For the ganache, heat the cream in small saucepan to boiling; remove from heat. Add semi-sweet morsels; let stand 5 minutes. Stir; refrigerate for 30 minutes or until mixture has thickened slightly. Pour chocolate on top and spread over sides of cake.
- Refrigerate until ganache sets and you are ready to serve the buckeye cake.
- When you are ready to serve your buckeye cake, I would recommend small slices as this is a truly a rich, chocolate dessert.
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