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!
DEATH BY OREO CUPCAKES
DEATH BY OREO CUPCAKES
They are probably the best Oreo cakes I have ever tried. A lot of cake's that I have experimented with before are like a vanilla cake with bits of Oreo in them, which didn't really give them enough Oreo flavor. But these were a lot better. I used a dark chocolate fudge cake mix instead of just a regular chocolate cake mix, which went really well with the cookies and gave the cakes just a little more flavor. So, in this recipe there is Oreo's in the cake, in the frosting, and at the bottom is a Oreo surprise.
That's right, you put a whole Oreo at the bottom of the cake. The cookie stays firm, which makes it a little interesting to eat against the soft cake, but it actually gave a really yummy crunch. Overall this is an amazing cake. Super full of flavor and so fun!! Enjoy :)
Estimated Cooking Time: About 25 to 30 minutes.
Ingredients
- 1 package Oreo Cookies, regular size
- 1 package Mini Oreo Cookies, for decoration (optional)
- 1 package chocolate cake mix (mix according to directions on box)
- 8 ounces cream cheese, room temperature
- 1/2 cup butter (1 stick), room temperature
- 3 3/4 cups powdered sugar
- 1 teaspoon vanilla extract
- cupcake liners
INTRUCTIONS :
- Preheat oven to 350 degrees. Mix packaged cake mix according to directions (do not bake). Line cupcake tins with liner, place a regular size Oreo cookie in the bottom of each liner. Take 1/2 of remaining cookies and chop coarsely and add to cake mix. Fill the cupcake tins. Bake for 15 minutes (or according to box directions). While cupcakes are baking make the frosting.
- Cream together butter and cream cheese. Add vanilla, then add powdered sugar slowly until blended well. Chop remaining regular-sized Oreos very fine (I put the cookies in the food processor instead of trying to chop them up super fine and it worked out really well). Add to frosting. After cupcakes have cooled frost and decorate with Mini Oreos.
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