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!
Cassava Cake with Creamy Custard Topping
Cassava, also known as manioc, Brazilian arrowroot, tapioca and often referred to as yucca (though they’re not really the same), is a starchy tuberous root of a tree that grows abundantly in the tropical regions of Asia, Africa and South America. It is in fact a staple much like corn and rice in certain countries. This is what a cassava looks like. You can find these already frozen and grated at many Asian stores so it’s very accessible now. And certainly in the Philippines, you can find the tree all over the place.
With a soft and spongy texture, flavored with coconut and condensed milk and then topped with a creamy vanilla custard sauce – your taste buds will dance with joy with each bite of this favorite Filipino delicacy.
Ingredients
Butter for greasing the pan
- 1 lb grated Cassava (if frozen, thaw first)
- 1 14 oz can sweetened condensed Milk
- 1 14 oz can Coconut Milk
- 2 large Eggs
- 1/4 – 1/8 teaspoon ground Cardamom (optional but highly recommended
For the Custard Topping - 1/2 a 14 oz can of condense milk
- 1/4 cup Half-n-half (Single Cream)
- 2 large Eggs
- 1 teaspoon pure Vanilla Extract
- 1-2 Tablespoons brown Sugar
Instructions
- Preheat the oven to 350 F. Generously grease the bottom and sides of a baking dish (9×9 or an 8×11).
- In a large bowl, whisk together the grated cassava, condensed milk, coconut milk, eggs, and ground cardamom (if using) until well-mixed. Pour into the prepared pan.
- Bake for 50 minutes or until almost fully set. Remove from the oven and pour the custard sauce on top tilting the pan gently to ensure that the sauce has spread evenly. Bake for another 20 minutes or until the custard has set.
- Remove the pan from the oven and set the oven to broil. Sprinkle the brown sugar on top. Place under the broiler for about 2 minutes or until the top is nicely golden and caramelized or use a flame torch to achive the same result.
- Cool completely before slicing. I promise this is a slice of heaven!
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