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!
Knock You Naked Red Velvet Cheesecake!
IF YOU LOVE RED VELVET CAKE AND YOU LOVE CHEESECAKE AS MUCH AS I DO, ONCE YOU MAKE THIS, YOU’LL NEVER GO BACK TO ANOTHER RECIPE AGAIN!
I HAVE ABOUT 7 MORE A M A Z I N G CHEESECAKE RECIPES I WILL BE RELEASING OVER THE NEXT MONTH, SO PLEASE STAY TUNED!
I THINK IVE FALLEN IN LOVE WITH THIS ONE , THE OTHERS ARE CRAZY DELISH TOO!
Ingredients
- RED VELVET LAYER
- Butter, for cake pan
- Flour, for cake pan
- 1 box red velvet cake mix, plus ingredients called for on the box
- CHEESECAKE LAYER
- 2 8-oz. packages cream cheese, softened
- 2/3 c. sugar
- 2 large eggs
- 1/3 c. sour cream
- 1 tbsp. flour
- 1 tsp. vanilla extract
- 1/4 tsp. kosher salt
- WHIPPED LAYER
- 2 cups heavy cream
- 4 tbsps powdered sugar
- 2 tsp vanilla
Instructions
- Red Velvet cake layer:
- Preheat oven to 350F
- flour one springform 9" cake pan.
- Prepare red velvet cake batter according to box directions. Pour your batter in the prepared cake pan.
- Bake for 30 to 32 minutes.
- Let cool slightly in cake pan then remove, use a cake leveler to make sure the top is even and flat -set aside.
- Make the cheesecake layer:
- In a large bowl using a hand mixer or the bowl of a stand mixer fitted with the paddle attachment, beat cream cheese and sugar until fluffy and combined, 3 minutes.
- Add eggs, one a time, until combined.
- Add sour cream, flour, vanilla, and salt and beat until combined.
- Pour filling into a SEPARATE 9' springform pan, use parchment paper to line it then bake until only slightly jiggly in the center, about 1 hour.
- Let cool slightly, then transfer to the freezer to cool completely and firm up before assembling on top of the red velvet cake layer. Use a cake leveler again if needed/desired to achieve even layers.
NOTE
if you would prefer to bake them together, just bake the cake first in the springform pan, then add the cheesecake layer on top of the baked cake & bake until the cheesecake layer is slightly jiggly- then stick in freezer until completely cooled & firm.
Make whipped frosting:
Add all the ingredients to a mixing bowl.
Using a large balloon whisk, whisk together the ingredients by hand for about five minutes until soft peaks start to form.
You'll know the whipped cream is ready when the cream has formed soft peaks and holds onto the whisk.
Be careful not to overdo the whisking –
Top the Red Velvet cake with the cheesecake layer carefully.
Then spread the whipped cream over the top of the cheesecake.
Use a decorators pastry tip to create whipped dollops on the edge.
Garnish with red velvet cake crumbs and serve.
ENJOY!
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