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 MAGIC CAKE
LEMON MAGIC CAKE
Lemon Magic Cake – one simple batter that turns into a 3 layer cake. Simply magical. The popular magic cake now in lemon flavor.
Lemon Magic Cake
Prep Time 15 mins
Cook Time 1 hr 10 mins
Total Time 1 hr 25 mins
Course: Dessert
Cuisine: Romanian
Servings: 9
Calories: 253 kcal
Author: Joanna Cismaru
Ingredients
- 4 eggs at room temperature, separate yolks from whites
- 1 tsp vanilla extract
- 3/4 cup sugar
- 1/2 cup butter unsalted, melted
- 3/4 cup all-purpose flour
- 1 3/4 cup milk lukewarm
- 1/4 cup lemon juice freshly squeezed
- 2 tbsp lemon zest
- powdered sugar for dusting cake
US Customary - Metric
Instructions
- Preheat oven to 325 F degrees. Grease a 8 inch x 8 inch baking dish or line it with parchment paper.
- Separate eggs and add the egg whites to a mixer and mix until egg whites are stiff. Place egg whites in a bowl and set aside.
- Beat the egg yolks with the sugar until light. Add butter and vanilla extract and continue beating for another minute or two after which you can add the flour and mix it in until fully incorporated.
- Add lemon juice and lemon zest then slowly start adding the milk and beat until everything is well mixed together. Add the egg whites, a third at a time and gently fold them in using a spatula or a whisk, repeat until all egg whites are folded in, but there should still be white bits of egg whites floating in the batter.
- Pour batter into baking dish and bake for 40 to 70 minutes or until the top is lightly golden and the cake is firm to the touch. The baking time could vary greatly depending on the oven, so take a peek at around 40 minutes and see how it looks.
- Sprinkle some powdered sugar after cake has cooled.
Recipe Notes
Please keep in mind that nutritional information is a rough estimate and can vary greatly based on products used.
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