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!
Special Chocolate Cake with Andes Mints
Special chocolate cake with Andes mints is the perfect cake for those who love the amazing flavor of mint! And it is perfect for those who do not, because it is not too much mint. It seems that when I make mint frosting, my kids always tell me that it tastes like toothpaste. What? And I guess that sometimes that it might, but sometimes I just tell myself that it tastes good!!! I loved this cake; it had Andes mints on the side and on the top as well. I tricked my family, because they told me that I had mint frosting on my special chocolate cake with Andes mints, but I didn’t.
Ingredients
- ¼ cup cocoa
- ½ cup boiling water
- ⅔ cup butter or shortening
- 1¾ cups sugar
- 1 teaspoon vanilla extract
- 2 eggs
- 2¼ cups all-purpose flour
- 1½ teaspoons baking soda
- ½ teaspoon salt
- 1⅓ cups buttermilk
- Frosting:
- 1 cup butter
- 4½ - 5 cups powdered sugar
- ¼ cup cocoa
- ⅛ - ¼ cup cream
- 1 teaspoon vanilla
- Ganache:
- 4 ounces semi-sweet chocolate
- ½ cup heavy whipping cream
Instructions
- Spray or grease, and flour 2 9" round baking pans. In a medium bowl, stir the cocoa and water until smooth and set it aside.
- In a large mixing bowl, beat butter, sugar, and vanilla until light and fluffy.
- Add the eggs and beat for 2 - 3 minutes on high speed.
- Add flour, baking soda, and salt to the butter mixture, alternating with the butter milk.
- Then slowly blend in the cocoa mixture; then beat well.
- Pour the batter into the prepared pans and bake @ 350 degrees for 30 - 35 minutes or until a wooden pick or cake tester comes out clean.
- When done, let cool on a wire rack for 10 minutes; then remove the cakes from the pans.
- I wrapped mine in plastic wrap for at least 2 hours and that way when you frost the cake you do not get so many crumbs.
- Frosting:
- Place the butter, powdered sugar, and cocoa into a mixing bowl.
- Then slowly add the cream until it is the consistency that you like.
- Add the vanilla.
- Beat the frosting until nice and smooth.
- Frost the sides of the cake.
- Freeze for 1 hour and frost the sides with a second coat.
- Ganache:
- Place the heavy whipping cream into a microwave safe bowl and heat in the microwave for about 45 seconds, power level 8.
- Pour the warm heavy whipping cream over the chocolate and let it sit for 2 - 3 minutes.
- Whisk slowly until smooth.
- Allow to cool for about 45 minutes to one hour or check it and use it when it is the consistency that you like.
- Start in the middle of the cake and working outward, use a circular motion to place the ganache on the top of the cake.
- Garnish with Andes mints cut into little pieces.
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