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!
Magic Cake
Magic Cake – one simple thin batter, bake it and voila! You end up with a 3 layer cake, magic cake.
Magic Cake – one simple thin batter, bake it and voila! You end up with a 3 layer cake, magic cake.
Ingredients
- 4 eggs at room temperature
- 3/4 cup sugar
- 8 tbsp butter unsalted and melted
- 1 tsp vanilla extract
- 3/4 cup all-purpose flour
- 2 cups milk lukewarm *
- powdered sugar for dusting cake
Instructions
- Preheat oven to 325 F degrees. Grease a 8 inch x 8 inch baking dish or line it with parchment paper so that it's easier to get the cake out.
- Separate the eggs and beat the egg yolks with the sugar until light and fluffy. Add butter and vanilla extract and continue beating for another minute or two after which you can add the flour and mix it in until fully incorporated.
- Slowly start adding the milk and beat until everything is well mixed together.
- Add the egg whites to a mixer and mix until stiff peaks form.
- Add the egg whites to the cake batter and gently fold them in. Another variation to folding in the egg whites would be to whisk them in to the cake batter, this is a lot faster and easier. Make sure you don't fold the egg whites in completely, you still want to see some of the white bits floating at the top.
- Pour batter into baking dish and bake for 40 to 70 minutes or until the top is lightly golden. The baking time could vary greatly depending on the oven, so take a peek at around 40 minutes and see how it looks.
- Sprinkle some powdered sugar after cake has cooled.
Recipe Notes
* To get the milk lukewarm I usually warm it in the microwave for about a minute.
The baking time can vary greatly for this cake. I've baked this cake in 3 different ovens and I've always needed different times which were from 40 to 70 minutes. The oven I have right now only requires about 45 minutes to get a nice golden color on the cake, whereas other ovens I've used required the full 70 minutes. Test if after 40 minutes to see what it looks like. The cake is done when it only jiggles slightly but feels firm to touch.
If baking at altitudes of 5000 feet or higher, keep this in mind:
Reduce baking powder: for each teaspoon, decrease 1/8 to 1/4 teaspoon.
Reduce sugar: for each cup, decrease 0 to 2 tablespoons.
Increase liquid: for each cup, add 2 to 4 tablespoons.
Increase oven temperature by 25 degrees F.
Please keep in mind that nutritional information is a rough estimate and can vary greatly based on products used.
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