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!
Triple Chocolate Sour Cream Bundt Cake
Our Triple Chocolate Sour Cream Bundt Cake is decadently rich, super moist and chocolate to the max! The triple chocolate comes from these delicious ingredients; a Devil’s Food cake mix, chocolate pudding and mini chocolate chips. Oh yeah, now we’re talking! And, the creamy light sour cream makes this cake moist and saves on calories and fat too.
Our Triple Chocolate Sour Cream Bundt Cake is rich, moist and chocolate to the max! And, the light sour cream saves calories and fat too.
Ingredients
- 16.5 ounces Devil's Food Cake Mix (1 box)
- 3.9 ounces instant chocolate pudding mix (1 box)
- 1 cup light sour cream
- 1/2 cup vegetable oil
- 1/2 cup water
- 4 large eggs
- 1 tablespoon vanilla extract
- 1/2 cup mini semi-sweet chocolate chips
- Glaze:
- 2 tablespoons butter, melted
- 3/4 cup powdered sugar
- 1 teaspoon vanilla extract
- 2 tablespoons milk or cream
Instructions
- Preheat oven to 350 degrees F and generously grease a bundt pan.
- In a large mixing bowl blend all ingredients (except for the mini chocolate chips) on low speed until moistened. Then beat on medium speed for 2-3 minutes, according to the cake box instructions.
- Stir in the mini chocolate chips.
- Pour the batter into a greased bundt pan and bake for 45-50 minutes, or until a toothpick comes out just a little sticky. *Make sure not to over-bake.
- Remove from oven and cool 10 minutes. Gently pull the edges away from the sides of the pan with a fork. Place a cake server or platter on top and carefully turn the bundt pan over. Give the pan a couple light taps and gently remove. Cool completely before glazing.
- Glaze:
- In a medium bowl mix all the glaze ingredients until smooth and creamy then pour it into a squeeze bottle.
- Place pieces of wax paper under the edges of the cake. Drizzle the glaze over the cooled cake in a pretty back and forth pattern. Remove the pieces of wax paper and serve.
Recipe Notes
If the glaze is a little too thin; add a tablespoon of confections sugar at a time. If it's too thick; add a tablespoon of milk at a time, until it's the right consistency.
If you don't have a squeeze bottle you can use a spoon to drizzle the glaze.
You can also use light mayonnaise in place of the light sour cream. See the link below for my lower calorie cake tip.
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