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!
SOUTHERN PECAN PRALINE CAKE – EASY AND DELICIOUS
If you like pecans and pralines, if you like cake, and if you like EASY, you will love this delicious Southern Pecan Praline Cake. A decadent sheet cake recipe with great taste in half the time.
Not only is Southern Pecan Praline Cake easy to make, but it also freezes beautifully. I have already made several ahead for different occasions and have them stashed in the freezer to keep them fresh. This sheet cake is also perfect for taking to potlucks or church suppers and stays fresh for about a week if kept covered in the fridge.
Not only is Southern Pecan Praline Cake easy to make, but it also freezes beautifully. I have already made several ahead for different occasions and have them stashed in the freezer to keep them fresh. This sheet cake is also perfect for taking to potlucks or church suppers and stays fresh for about a week if kept covered in the fridge.
INGREDIENTS :
Cake Topping Ingredients:
- 1 14 oz can sweetened condensed milk
- 2 Tbsp unsalted butter
- 1/2 cup pecans roasted and chopped
Cake Ingredients:
- 15.25 oz box butter pecan cake mix
- 15 oz tub coconut pecan frosting
- 4 large eggs
- 3/4 cup vegetable or coconut oil
- 1 cup water
- 1/2 cup roasted pecans roasted and chopped
INTRUCTIONS :
- Preheat the oven to 350 degrees F. and spray a 9x13 baking dish with non-stick baking spray.
- Place the cake mix, coconut frosting, eggs, oil and water in a large mixing bowl. Use a handheld or your stand mixer and mix well to combine everything. Add the pecans and mix again.
- Pour the batter into the prepared baking pan.
- Bake for 40 minutes or until the top is golden brown and the cake pulls away from the sides. Set aside to cool on a wire cooling rack.
Pecan Praline Topping Instructions
- To make the praline topping, combine the butter and sweetened condensed milk in a small saucepan and stir until the butter is melted. Add the pecans and mix well. Pour over the cooled cake and serve.
Notes
Sharon's Expert Tips:
- Southern Pecan Praline Cake keeps well covered in the fridge for approximately one week, or you can wrap it well in foil and store in a large ziplock bag in your freezer for up to two months.
- Check out my easy recipe for roasted pecans here, or simply spread the pecan halves out in a single layer on a baking sheet and roast in a 350-degree oven for ten minutes. If you are roasting pecans which have already been chopped up, reduce the roasting time to five minutes or so. The smaller the pecan piece the quicker they will burn, so watch them carefully and start checking at three-four minutes.
- If I am making this cake ahead and know I will be freezing it, I always bake and store the cake in a disposable aluminum baking pan. It fits perfectly into a two-gallon plastic storage bag.
- It's best to wait to add the praline topping to your cake to just before you are ready to serve it. It also works best to wait until the cake has cooled completely.
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