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 CAKE MUFFINS
COFFEE CAKE MUFFINS
The classic coffee cake is transformed into a convenient muffin, loaded with a mile-high crumb topping!
COFFEE CAKE MUFFINS
yield: 12 MUFFINS
prep time: 25 MINUTES
cook time: 20 MINUTES
total time: 35 MINUTES
INGREDIENTS:
- 1 1/2 cups all-purpose flour
- 1/2 cup Imperial Sugar Light Brown Sugar
- 2 teaspoons baking powder
- 1 teaspoon cinnamon
- 1/4 teaspoon baking soda
- 1/4 teaspoon salt
- 3/4 cup milk
- 1/3 cup canola oil
- 2 large eggs
FOR THE CRUMB TOPPING
- 1/3 cup Imperial Sugar Extra Fine Granulated Sugar
- 1/3 cup Imperial Sugar Light Brown Sugar
- 1 teaspoon cinnamon
- 1/4 teaspoon salt
- 1/2 cup (1 stick) unsalted butter, melted
- 1 1/2 cups all-purpose flour
FOR THE GLAZE
- 1/4 cup confectioners’ sugar
- 1/2 teaspoon vanilla extract
- 1 teaspoon milk
DIRECTIONS:
- Preheat oven to 375 degrees F. Line a 12-cup standard muffin tin with paper liners or coat with nonstick spray; set aside.
- To make the crumb topping, combine sugars, cinnamon and salt in a medium bowl. Whisk in melted butter. Add flour and stir using a rubber spatula just until moist. Spread out mixture on parchment paper to dry until ready to use.
- In a large bowl, combine flour, sugar, baking powder, cinnamon, baking soda and salt.
- In a large glass measuring cup or another bowl, whisk together milk, canola oil and egg. Pour mixture over dry ingredients and stir using a rubber spatula just until moist.
- Scoop the batter evenly into the muffin tray. Sprinkle with reserved crumb topping, using your fingertips to gently press the crumbs into the batter. Place into oven and bake for 15-17 minutes, or until a tester inserted in the center comes out clean.
- To make the glaze, combine confectioners’ sugar, vanilla and milk. Whisk until smooth. If the glaze is too thin, add more confectioners’ sugar as needed.
- When the muffins are done, cool for 10 minutes and drizzle the glaze on each muffin.
- Allow glaze to set before serving.
Adapted from Table for Two and The Recipe Critic.
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