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!
NUTELLA FUDGE CAKE
Make your New Year’s gathering extra special with this scrumptious Nutella fudge cake. This cake is made with 3 fudgy layers of fine chocolate cake, and smothered between a rich butter cream and Nutella frosting. If you are a chocolate lover, this cake might just become your new favorite dessert. I hope all of you have a wonderful New Year. Thank you for supporting my food blog. It means so much to me when I read through your kind and positive recipe feedback. Wishing you all a New Year filled with many blessings and joy! 🙂
Ingredients for the cake:
- 5 eggs
- 2 cups sugar
- 1 tsp vanilla
- 1 cup buttermilk
- 2 1/2 cups flour
- 1 tsp salt
- 1 1/2 tsp baking soda
- 1 tsp baking powder
- 1 cup dutched cocoa powder
- 1 cup water
- 2 tbsp instant espresso powder
- 1/2 cup butter, melted
Ingredients for the frosting:
- 16 oz cream cheese, softened
- 2 cups butter, softened
- 2 cups Nutella
- 1/2 cup cocoa powder
- 2 1/2 cup powdered sugar
- 1/2 tsp salt
INSTRUCTIONS
- Place 5 eggs into the bowl of a stand mixer. Beat the eggs on high speed with the whisk attachment for about 4 minutes.
- Add 2 cups sugar to the eggs and continue beating on high speed for an additional 4 minutes.
- Add the 1 tsp vanilla and 1 cup buttermilk to the eggs. Beat again just until incorporated.
- Dissolve 2 tbsp instant espresso powder with 1 cup room temperature water. Then add it to the cake batter.
- Sift, 2½ cups flour, 1 tsp salt, 1½ tsp baking soda, 1 tsp baking powder, and 1 cup dutched cocoa powder into the egg mixture. Then gently fold the dry ingredients into egg mixture using a whisk.
- Split the cake batter amongst 3 (9 inch) cake pans. Bake at 350 degrees for 15-20 minutes or until a toothpick comes out clean when inserted into the center of the cake.
- Meanwhile beat 16 oz softened cream cheese, 2 cups softened butter, ½ cup cocoa powder, 2½ cup powdered sugar, ½ tsp salt, and 2 cups Nutella.
- Once the cakes are baked flip them onto cooling racks and let them cool completely. If you want your cake to have a flat top, use a serrated knife to slice the top of each cake.
- Assemble the cake by frosting the top of each cake layer. Once the last cake layer is placed, Frost the top and sides of the cake.
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