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!
LEMON CAKE {A SCRATCH RECIPE}
This moist & delicious scratch Lemon Cake recipe has become one of our family favorites. Not only are these homemade lemon cake layers delicious, but a lemon filling and lemon cream cheese frosting bring a triple dose of lemon to this fantastic dessert!
I love lemony desserts and am always looking for an excuse to make this cake! Over the years, this scratch lemon cake recipe has become one of our most popular on our site.
INGREDIENTS
- 1 1/2 sticks (12T) (170g) unsalted butter, softened
- 1 1/2 cups (300g) sugar
- 4 large eggs, room temperature (if cold, place in a bowl of warm water for 5 min.)
- 3 cups (342g) cake flour *if you do not have cake flour, see note below
- 1/2 teaspoon (3g) salt
- 1 1/2 teaspoons (7g) baking powder
- 1/2 teaspoon (3g) baking soda
- 1 cup (242 g) milk
- 1/4 cup (57g) lemon juice
- 1/4 cup (53g) vegetable oil
- zest of 2 lemons
- 1 Tablespoon (10g) lemon extract
*** ** If you don't have cake flour, for each cup of all purpose flour (or plain flour in the UK) remove 2 Tablespoons of flour and replace with 2 Tablespoons of cornstarch. For this recipe, measure out 3 cups all purpose flour, remove 6 Tablespoons and replace with 6 Tablespoons cornstarch. Whisk to blend.
DIRECTIONS
- Preheat the oven to 350 degrees
- Grease and flour two 8 inch pans ( my pans are 2 inches deep). You could also divide the batter between three 8 inch pans for slightly thinner layers which allows for an additional layer of filling.
- In a medium sized bowl add the flour, baking powder, baking soda, salt and zest of 2 lemons. Whisk to blend and set aside.
- In another bowl, add the milk, vegetable oil and lemon juice, and lemon extract. Whisk to blend and set aside.
- In the bowl of your mixer, beat the softened butter until smooth. Gradually add the sugar and mix on medium speed 3 to 5 minutes until it is lightened in color and fluffy.
- Add the eggs one at a time, mixing until the yellow of the yolk disappears.
- Add the flour mixture and the milk mixture alternately. Begin and end with the flour (3 additions of flour and 2 of milk). Mix until combined and smooth, do not mix above medium speed or over mix.
- Pour the batter into the prepared pans, smoothing the tops with the back of a spoon. Bake at 350 degrees. If baking three 8 inch pans, bake at 350 for 20-25 minutes. For two 8 inch pans, bake at 350 for 30 to 35 minutes or until a toothpick inserted in the center comes out clean or with only a few crumbs attached. Let the cakes cool in the pans 10 minutes then turn out.
- (This recipe makes 7 cups of batter)
ASSEMBLY OF CAKE
For the cake pictured in this post, we piped a dam of lemon cream cheese frosting about 1/4 inch inside the edge of the first layer. We spread a thin layer of lemon curd frosting, piped and spread a layer of lemon cream cheese frosting on top of it, and added the top cake layer. We thinly crumb coated the cake with our lemon cream cheese frosting before piping large rosettes all over the cake (use a 2D or 1M tip).
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