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!
Double chocolate pancakes
These Double Chocolate Pancakes are soft, fluffy and so decadent. In addition to cocoa powder and chocolate chips in the batter, these pancakes are drizzled with a chocolate ganache for another dose of chocolate. They make perfect weekend breakfast for true chocolate lovers!
This post was originally published in 2015 and we are updating it with additional information today.
Chocolate pancakes tasting just like a wonderful chocolate cake. Much easier!
ingredients
- pancakes
- 1 large egg
- 3 tablespoons sugar
- 1 cup milk
- 1/4 cup sunflower oil
- 1 and 1/3 cups flour
- 4 tablespoons cocoa powder
- 2 teaspoons baking powder
- 1/4 teaspoon salt
- 1/4 cup chocolate chips
- 1/4 cup raspberries for garnish
- chocolate ganache:
- 100ml heavy cream
- 100g chocolate chips
instructions
- Start with making chocolate ganache so that it cools down until you finish frying pancakes. Heat heavy cream in a saucepan. Remove from heat once it simmers. You can watch the ganache video above.
- Pour over chocolate chips and let it sit for 5 minutes without stirring. Then whisk them well until it turns into a smooth and silky ganache. Wait it until it reaches room temperature before pouring it over pancakes.
- To make pancakes, in a medium bowl whisk together egg and sugar until creamy. Add in milk and sunflower oil, whisk until combined well.
- In another bowl whisk dry ingredients and sift it into the wet ingredients. Whisk until combined well. IT will be a thick batter. Fold in chocolate chips.
- Heat a pan over medium heat and either spread a little butter over it or brush with a little sunflower oil. Scoop the batter onto the pan using a 1/4 cup for each pancake. Cook until you see bubbles on the top, for about 1 minute or so. Flip them over and cook for another 1 minute. Repeat this until you finish the batter.
- Stack the pancakes on a plate and pour chocolate ganache over them. Let the chocolate flow down. Wait for 2-3 minutes so that the ganache sets a bit and then top with raspberries. Serve immediately.
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