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 Caramel Poke Cake
This is a showstopper of a pumpkin cake. It’s a ridiculously easy cake that starts with a boxed mix of spice cake, a can of pumpkin puree, and pumpkin pie spice. A mixture of sweetened condensed milk and caramel sundae topping is poured over holes you poke in the cake after baking. Between the pumpkin, sweetened condensed milk, and caramel sundae sauce, it’s one of the moistest cakes ever. The cake is finished with whipped topping, toffee bit, mini chocolate chips, and salted caramel sauce. The salted caramel adds a salty-sweet element, the toffee bits and chocolate chips add texture and contrast to the fluffy whipped topping and uber soft cake.
INGREDIENTS:
- one 16.50-ounce box spice cake mix
- one 15-ounce can pumpkin puree (not pumpkin pie mix)
- 1 large egg
- 1/3 cup canola or vegetable oil
- 2 teaspoons pumpkin pie spice
- one 12-ounce can sweetened condensed milk
- one 12-ounce jar caramel sundae topping
- one 8-ounce container whipped topping, thawed (I used fat free)
- 1/2 cup toffee bits
- 1/2 cup mini semi-sweet chocolate chips
- 1/3 cup salted caramel sauce (storebought or homemade, regular caramel sauce or caramel sundae topping may be substituted)
DIRECTIONS:
- Preheat oven to 350F. Line a 9×13-inch pan with aluminum foil and spray with cooking spray; set aside.
- To a large bowl, add the cake mix, pumpkin puree, egg, oil, pumpkin pie spice, and beat with a handheld electric mixer on high until smooth and combined, about 3 minutes, stopping to scrape down the sides of the bowl as necessary.
- Bake for about 27 to 30 minutes, or until cake is set in the center, springy to the touch, and a toothpick inserted in the center comes out clean or with a few moist crumbs but no batter.
- Visit averiecooks.com for full directions.
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