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!
PUMPKIN CHOCOLATE CHIP CUPCAKES
These Pumpkin Chocolate Chip Cupcakes are made with a pumpkin spice cupcake that’s full of chocolate chips and topped with a cream cheese frosting! They are the perfect way to cure your pumpkin craving this fall!
Oh my goodness, it’s officially starting to get cold here and I’m simultaneously thrilled that it’s cooling down and terrified for the cold weather. It’s getting down into the 50s at night and in my world that’s quite chilly. We haven’t made the jump to turning on the heat since it’s still warm during the day so I’ve been piling on an extra blanket at night. That also means it’s chilly when I wake up in the mornings and it is quite the deterrent to getting out bed and out of the warmth.
INGREDIENTS:
PUMPKIN CHOCOLATE CHIP CUPCAKES
- 1/4 cup (56g) unsalted butter, melted and slightly cooled
- 1/4 cup (60ml) vegetable oil
- 5 tbsp (75ml) milk, room temperature
- 1 cup (108g) light brown sugar, unpacked
- 1 tsp vanilla extract
- 2 eggs
- 1 1/4 cup + 2 tbsp (179g) all purpose flour
- 1 tsp baking powder
- 1/2 tsp baking soda
- 1 tsp ground cinnamon
- 1/4 tsp nutmeg
- 1/4 tsp ginger
- 1/4 tsp cloves
- 1/4 tsp salt
- 1 cup (233g) canned pumpkin puree
- 3/4 cup (129g | 4.5oz) chocolate chips
CREAM CHEESE FROSTING
- 8 oz (226g) cream cheese, room temperature
- 1/4 cup (57g) butter, room temperature
- 4 cups (460g) powdered sugar
- 1 1/2 tsp vanilla extract
INSTRUCTIONS
Make the Cupcakes:
- Preheat the oven to 350 degrees and line a cupcake pan with cupcake liners.
- Add butter, oil and milk to a large mixer bowl and whisk until smooth.
- Add the brown sugar and whisk until smooth.
- Add the vanilla extract and eggs and whisk until smooth.
- In a separate medium-sized bowl, combine the flour, baking powder, baking soda, cinnamon, nutmeg, ginger, cloves and salt.
- Add the dry ingredients to the wet ingredients and mix until smooth.
- Fold in the pumpkin puree and chocolate chips until well combined.
- Fill each cupcake liner about ¾ full.
- Bake cupcakes for 21-23 minutes, or until a toothpick inserted in the middle comes out with a few crumbs.
- Remove cupcakes from the oven and allow to cool for 2-3 minutes, then remove to a cooling rack to finish cooling.
- Make the Frosting:
- Combine the cream cheese and butter and mix until smooth.
- Add about half of the powdered sugar and mix until smooth.
- Add the vanilla extract and mix until smooth.
- Add the remaining powdered sugar and mix until smooth.
- Use a large round piping tip to pipe swirls onto the cupcakes. Top with a drizzle of chocolate sauce, if desired.
NOTES
Store cupcakes in the refrigerator. Serve at room temperature.
Share your bakes with us on Instagram! Tag your pho
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