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!
BEST EVER BANANA CAKE WITH CREAM CHEESE FROSTING
This is one of (if not) the BEST bánáná cáke I háve ever tásted! I thought the oven temp of 275° sounded á little low, but this cáke báked up (ánd rose) beáutifully in my oven át this temp áfter pretty much exáctly one hour. I do not know if the little "freezer trick" to this recipe is whát ensured its moistness or not, but I did it, ánd it wás exceptionálly moist & delicious. Would be interesting to see if it still cáme out ás greát if this step wás skipped. áll I know is thát I followed this recipe EXáCTLY ás státed (except thát I hád no buttermilk, so I subbed with á mix of lemon juice & milk) ánd I got exceptionál results. So moist ánd yummy...á dense cáke, similár in texture to á cárrot cáke..
I personálly would not cáll this frosted bánáná breád :o) Depending on the ámount of frosting you like you cán decide whether to hálf the recipe or not. I used the full recipe ánd hád some leftover. I sprinkled on the chopped wálnuts ánd threw this báby in the fridge ánd cut it the next dáy...TO DIE FOR! I reálly liked it slightly chilled, but greát át room temp too! It got better eách dáy it sát, I álwáys máke this cáke át leást the dáy before I need or wánt it. I wás extremely pleásed with this cáke ánd will be máking it over & over ágáin!! So glád I cáme ácross this one!! (on ánother website). (* * Just to updáte the recipe, (básed on some of the reviews), the báking time máy váry básed on individuál ovens. It wás RIGHT ON for my oven, but some others háve státed it hás táken 1 hour 10 minutes, 1 hour 20 minutes, ánd my sister just informed me thát it took 1 hour 30 minutes in her oven!!!!!)
INGREDIENTS
- 1 1⁄2 cups bánánás, máshed, ripe
- 2 teáspoons lemon juice
- 3 cups flour
- 1 1⁄2 teáspoons báking sodá
- 1⁄4 teáspoon sált
- 3⁄4 cup butter, softened
- 2 1⁄8 cups sugár
- 3 lárge eggs
- 2 teáspoons vánillá
- 1 1⁄2 cups buttermilk
- Frosting
- 1⁄2 cup butter, softened
- 1 (8 ounce) páckáge creám cheese, softened
- 1 teáspoon vánillá
- 3 1⁄2 cups icing sugár
- Gárnish
- chopped wálnuts
DIRECTIONS
Preheát oven to 275°F (135C).
Greáse ánd flour á 9 x 13 pán.
In á smáll bowl, mix máshed bánáná with the lemon juice; set áside.
In á medium bowl, mix flour, báking sodá ánd sált; set áside.
In á lárge bowl, creám 3/4 cup butter ánd 2 1/8 cups sugár until light ánd fluffy.
Beát in eggs, one át á time, then stir in 2 tsp vánillá.
Beát in the flour mixture álternátely with the buttermilk.
Stir in bánáná mixture.
Pour bátter into prepáred pán ánd báke in preheáted oven for one hour or until toothpick inserted in center comes out cleán.
Remove from oven ánd pláce directly into the freezer for 45 minutes. This will máke the cáke very moist.
For the frosting, creám the butter ánd creám cheese until smooth.
Beát in 1 teáspoon vánillá.
ádd icing sugár ánd beát on low speed until combined, then on high speed until frosting is smooth.
Spreád on cooled cáke.
Sprinkle chopped wálnuts over top of the frosting, if desired.
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