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!
Melted Rainbow Cake
This showstopper cake is sprinkled with specks of rainbow colors and is literally dripping with a rainbow of colored ganache.
Ingredients
- 2Betty Crocker™ Super Moist™ Party Rainbow Chip cake mix
- Eggs, water, and oil called for on cake mix
- 4tubs Betty Crocker™ Whipped white frosting
- 5ounces white chocolate, or bright white or super white confectionery coating, finely chopped
- 1/3cup heavy whipping cream
- 2tablespoons corn syrup
- Candy coloring - purple, blue, green, yellow, orange, red, pink
Steps
- Preheat oven to 325°F. Line a 16x4x4.5-inch loaf pan with non-stick tin foil or grease it with shortening and dust it with flour.
- Make one cake mix according to package instructions. Pour batter into prepared pan. Bake for 48-52 minutes until a toothpick inserted in the center of the cake comes out clean. Cool cake for 10 minutes. Remove from pan and cool on a wire rack.
- Clean and rinse pan with cold water and make the second cake as above.
- Once both cakes have cooled, cut off the mounded top, and cut each cake into 2 layers.
- Frost in between layers and around the cake.
- Prepare the ganache by mixing together the chopped white confectionary (or white chocolate), heavy whipping cream, and corn syrup. Heat in the microwave on high for 30 seconds. Stir. Heat for 20 seconds, then let set in microwave for 1 minute. Stir. If not all the confectionary or chocolate is melted, heat for 10 second increments, stirring after each.
- Divide ganache into 7 bowls. Color each bowl of ganache using candy coloring creating a purple, blue, green, yellow, orange and pink.
- Start at one end of cake and pour a spoonful of purple ganache over the top edge allowing it to drip down the sides of the cake. Next to the purple add a spoonful of blue, then green, yellow, orange, red, then pink, repeating this as you go around the entire cake. If desired, swirl the colors on the top of the cake. If the ganache becomes too thick, heat it in the microwave for about 10 seconds to thin it out.
- When ready to serve, cut into 20 slices.
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