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!
Jaffa Loaf Cake
So what do you enjoy with your film when you go to the cinema? Popcorn? Nachos> Pic & mix? Cake? Oh, so that's just my group of friends then. Ok, but just so you know cake = the best cinema treat EVER!
It's actually the second time I've taken cake to the cinema for myself and my friends to enjoy - complete with paper plates and forks I might add! The first time was a chocolate Coca Cola cake with milk ganache icing (recipe coming at some point, promise) and when we were planning the second time, one friend apparently said to the other, 'I wonder if Laura is bringing cake' and the response was 'she had better'. Thankfully this cake was rather more than satisfactory.
An all in one soft vanilla sponge topped with lovely marmalade and a thick layer of dark chocolate.
Ingredients
- 100g margarine, softened
- 170g plain flour
- 150g caster sugar
- 2tsp baking powder
- 75ml milk
- 2 eggs
- 1 tsp vanilla extract
- A generous scoop of marmalade, sieved to remove any peel
- 100g dark chocolate, finely chopped
- 2 tbsp milk
Instructions
1. Set the oven to 170 C/150 C fan and line a 2lb loaf tin with baking paper.
2. Place the margarine, flour, baking powder, sugar, milk, eggs and vanilla into a large bowl and mix together until just combined.
3. Pour into the loaf tin and bake in the preheated oven fpr 40-50 mins until a cake tetster inserted into the centre of the cake comes out clean. Set on a wire rack.
4. Warm the marmalade and pour onto the top of the cake, spreading it out evenly while the cake is still warm.
5. Let the cake cool compltely then melt the chocolate and milk together in the microwave or in a bowl set over a pan of simmering water. Stir frequently until melted and smooth.
6. Let the chocolate cool so it thickens but is still molten, then pour over the top of the cake and spread out evenly. When the chocolate has set enough, remove the cake from the tin and cut into slices to serve.
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