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!
HONEY CUPCAKES WITH HONEY CREAM CHEESE
HONEY CUPCAKES WITH HONEY CREAM CHEESE
Just looking at these cupcakes makes me happy! These little cakes are extra special because you get a double pop of honey in both the cake and frosting! Add some sugar sprinkles on top and you’ve got a vibrant sweet that is perfect for those bright summery days! Honey Cupcakes would be the perfect addition to a summer picnic or family reunion. You could even add some fresh lemon juice or zest for an extra punch of flavor! Don’t let summer pass you by without giving this recipe a try!
HONEY CUPCAKES WITH HONEY CREAM CHEESE FROSTING
A delicious cupcake recipe, made from scratch, with local wild flower honey.
Author: Lauren Kapeluck
Yield: 12 cupcakes
INGREDIENTS
For the Honey Cupcakes:
- ½ cup unsalted butter, room temperature
- ¾ cup sugar
- 2 eggs
- 1 ½ cups all-purpose flour
- 1 teaspoon baking powder
- ½ teaspoon salt
- ½ cup buttermilk
- ¼ cup honey
- 1 teaspoon vanilla extract
For the Honey Cream Cheese Frosting:
- ¾ cup unsalted butter, room temperature
- 4 oz cream cheese, softened
- 3 cups confectioners’ sugar
- 3 tablespoons honey
- yellow food coloring (optional)
- yellow sugar sprinkles
INSTRUCTIONS
Make the Honey Cupcakes:
- Preheat oven to 350 degrees and line a 12 cup muffin pan with cupcake liners.
- In medium bowl mix together dry ingredients: flour, baking powder and salt. Set aside.
- In small bowl mix together wet ingredients: buttermilk, honey and vanilla. Set aside.
- In bowl of stand mixer fitted with the paddle attachment, beat butter and sugar on medium speed until combined.
- Add eggs, one at a time, beating well after each addition and scraping down sides of bowl as needed.
- Gradually add the dry and wet ingredients, alternating starting and ending with dry ingredients and mix until combined.
- Using ice cream scoop fill cupcake liners about 2/3 full.
- Bake for 18-20 minutes, until toothpick inserted into cupcake comes out clean.
- Let cupcakes cool in pans for 5 minutes, then remove to wire rack to finish cooling.
Make the Honey Cream Cheese Frosting
- In bowl of stand mixer fitted with the paddle attachment, beat butter and cream cheese until combined.
- Gradually add confectioners’ sugar and continue to mixing scraping down sides of bowl as needed.
- Mix in honey.
- If desired, add a few drops of yellow food coloring to slightly tint the icing.
- Place the icing in a piping bag fitted with a round decorating tip and swirl the frosting on top of the cooled cupcake, going in a circular motion.
- Top with yellow sugar sprinkles.
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