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!
Samoa Bundt Cake
Samoa Cake tastes like the beloved girl scout cookie in bundt cake form with a tender cake full of chocolate flavor covered in a caramel frosting and lots of toasted coconut. A drizzle of caramel sauce and chocolate sauce makes it even harder to resist.
We’re coming up on Girl Scout Cookie season which I look forward to every year. Samoas are my favorite cookie period. They are single handedly responsible for turning me from a coconut hater into a coconut lover.
Samoa Bundt Cake is made from a super tender and moist chocolate cake topped with caramel frosting and lots of shredded coconut.
Ingredients
- 1 1/2 cups semi-sweet chocolate chips
- 1/2 cup butter, softened
- 1 (16-ounce) package light brown sugar
- 3 large eggs
- 2 cups all-purpose flour
- 1 teaspoon baking soda
- 1/2 teaspoon salt
- 1 (8-ounce) container sour cream
- 1 teaspoon vanilla extract
- 1 cup hot water
- Caramel Frosting
- 3/4 cup butter (1 1/2 sticks)
- 1/4 cup jarred caramel sauce
- 3 cups powdered sugar
- 1 1/2 to 2 tablespoons heavy cream or milk
- Toppings
- 1 1/2 cups sweetened shredded coconut, toasted
- Caramel Sauce
- Hot Fudge Sauce
Instructions
- Preheat oven to 350 degrees and grease and flour and bundt pan (or use baking spray).
- Melt chocolate chips in a microwave-safe bowl (heat at 20 second intervals) until smooth when stirred. Set Aside.
- Beat butter and brown sugar with an electric mixer until blended well, about 5 minutes.
- Beat in eggs one at a time.
- Beat in melted chocolate just until blended.
- Sift together flour, baking soda, and salt.
- Add flour mixture to batter, alternating with sour cream, beating at LOW speed just until blended after each addition.
- Slowly, with mixer on LOW speed, add hot water.
- Stir in vanilla.
- Pour batter into prepared Bundt pan.
- Bake at 350 degrees for 55 to 60 minutes or until a wooden pick inserted in the center comes out clean. Let cool 10 minutes in pan then remove cake from pan to cool completely.
- To make frosting, beat butter and caramel sauce until creamy. Gradually beat in powdered sugar. Beat in enough heavy cream to get to desired consistency.
- Spread frosting on cooled cake.
- Sprinkle toasted coconut on cake and drizzle with caramel sauce and hot fudge sauce.
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