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!
CHOCOLATE BUTTERMILK CAKE
This cake👆🏻is the answer.
To what, you ask? To EVERYTHING. I’m talking a one bowl, face-plant-worthy, I-must-have-seconds kind of chocolate cake.
If you’re looking for a go-to Chocolate Buttermilk Cake recipe, then this is your day.
It took a number of tries to get this cake just right, but it was more than worth it. All I knew was that I wanted a chocolate cake that was THE chocolate cake.
A gorgeous one layer chocolate buttermilk cake with real chocolate frosting.
INGREDIENTS
- Chocolate buttermilk cake
- 210 grams (1 and 1/2 cups) plain flour
- 40 grams (1/2 cup) cocoa powder
- 90 grams (1/2 cup) brown sugar
- 150 grams (3/4 cup) caster sugar
- 1 teaspoon baking powder
- 1/2 teaspoon baking soda
- 170 grams (3/4 cup or 1.5 stick) unsalted butter, melted
- 2 large eggs
- 1 teaspoon vanilla extract
- 120 ml (1/2 cup) buttermilk*
- 120 ml (1/2 cup) hot water
- Chocolate frosting
- 115 grams (1/2 cup or 1 stick) unsalted butter, room temperature
- 375 grams (3 cups) icing or powder sugar
- 100 grams (2/3 cup) dark chocolate
- 1-2 tablespoons milk
- 75 grams (1/2 cup) chocolate chips
INSTRUCTIONS
- Preheat oven to 180 C (360 F). Grease and line an 8 inch round cake tin with baking or parchment paper. In a large mixing bowl, add flour, cocoa powder, sugars, baking powder and baking soda. Boil the kettle and pour out 1/2 cup of hot water and set aside.
- In a separate bowl, add butter, eggs, vanilla and buttermilk and stir briefly. Add butter mixture to dry ingredients and stir to combine. Add hot water and stir until chocolate cake batter is smooth. It will be a thin batter – that’s ok.
- Place in the oven for 45-50 minutes or until a skewer inserted in the middle comes out clean. Leave on a wire rack to cool completely.
- To make the frosting, place butter in a large mixing bowl and beat with an electric mixer on medium speed until pale and creamy. Meanwhile melt the chocolate in a microwave, stirring in between 20 second bursts, until just melted and set aside.
- Add half the sugar and one tablespoon of milk and beat until combined. Add the remaining sugar and beat until smooth.
- Add melted chocolate, ensuring the chocolate is still smooth and melted but is not warm. Beat until the chocolate is completely mixed through. If frosting is too thick, add an extra tablespoon of milk. Generously frost the top and sides of the cake using a spatula. Sprinkle over chocolate chips.
NOTES
*Make your own buttermilk by adding 1 teaspoon white vinegar to 1/2 cup milk.
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