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!
LEMON MERINGUE CUPCAKES
Sweet and sunny, with all the things we love about lemon meringue pie — but in cupcake form. A microwave version of traditional lemon curd saves you time, but doesn't skimp on flavor. Let's hear it for Lemon Power!
INGREDIENTS
- Choose your measure: Volume Ounces Grams
- CUPCAKES
- 1 1/2 cups King Arthur Unbleached Cake Flour Blend
- 1 teaspoon baking powder
- 1/4 teaspoon salt
- 1/4 teaspoon baking soda
- 2/3 cup sugar
- 1/3 cup (5 tablespoons + 1 teaspoon) butter, room temperature
- 1 large egg, room temperature
- 1/2 teaspoon vanilla extract
- 1/2 teaspoon Buttery Sweet Dough Flavor (optional, but adds that signature bakery taste)
- 2/3 cup buttermilk
- LEMON CURD
- one batch Easy Microwave Lemon Curd
- MERINGUE
- 3 large egg whites
- 1/4 teaspoon Bakewell Cream or cream of tartar
- 1/8 teaspoon salt
- 3/8 cup (6 tablespoons) sugar
INSTRUCTIONS
- Preheat the oven to 400°F and line a 12-cup cupcake or muffin pan with paper liners; spritz the liners lightly with cooking spray.
- To make the cupcakes: Place the following in the bowl of your mixer: the cake flour blend, baking powder, salt, baking soda, sugar, butter, egg, vanilla and Buttery Sweet Dough Flavor. Add 1/3 cup of the buttermilk.
- Blend the mixture on medium speed for 2 minutes. The mixture will be thick at first, but will smooth out as you mix.
- Add the remaining 1/3 cup buttermilk and mix on medium speed for 1 minute. Scrape the bottom and sides of the bowl, and mix briefly, if necessary.
- Fill each well of the pan 2/3 full, and bake the cupcakes for 15 to 18 minutes, until they're light golden brown on the edges. Remove them from the oven, and immediately transfer them from the pan to a rack. Cool completely.
- Prepare the lemon curd according to the recipe, and set it aside to cool and thicken as the cupcakes cool.
- Core each cooled cupcake with a cupcake corer (or an apple corer), leaving a small well in the center of the cake. Fill to the brim with cooled lemon filling. Fill all cupcakes, then prepare the meringue.
- To make the meringue: In a very clean work bowl, whip the egg whites and Bakewell Cream or cream of tartar until soft peaks form. Add the salt. Gradually add the sugar, increasing the whipping speed and continuing to whip until the mixture is light and billowy, and stiff peaks form.
- Mound or pipe meringue onto each cupcake, then toast the meringue with a cook's torch; or carefully broil until golden brown. Serve warm, for a flowing lemon lava; or cool for a more set filling.
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