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!
Strawberry Lemonade Icebox Cake
Layers of pound cake, strawberries and frozen cream form the perfect treat for the sunniest of afternoons.
INGREDIENTS:
For the lemon ice cream:
- 8 ounces mascarpone cheese, room temperature
- 1 cup sweetened condensed milk
- 2/3 cup lemon curd, plus more for garnish
- 2 cups heavy whipping cream
- Zest of 1 lemon
- 1, 9x5 store-bought or homemade pound cake, tops, bottoms and sides trimmed and sliced lengthwise into 4 even slabs
- 1/2 cup store-bought lemonade
- Fresh strawberries and lemon slices for garnish
For the strawberry sauce:
- 4 cups fresh strawberries, diced and divided
- 2 tablespoons granulated sugar
- 2 tablespoons water
- Squeeze of fresh lemon juice
INSTRUCTIONS:
- To make the sauce, combine 3 cups of strawberries and remaining sauce ingredients in a medium saucepan over medium heat until the mixture begins to boil. Reduce the mixture to a simmer for about 5 minutes until it begins to thicken and reduces by half, about 15 minutes.
- Remove from the heat and cool to room temperature. Refrigerate until ready to use.
- Line a 9x5 inch loaf pan with pieces of plastic wrap, long enough to drape over the sides.
- Place mascarpone, sweetened condensed milk, and lemon curd in the bowl of stand mixer fitted with a whisk attachment, and beat over high speed until smooth, about 3 minutes.
- Add the heavy cream and lemon zest and beat on medium-high speed until medium peaks form. Reserve 1/3 of the cream for serving.
- Place a layer of pound cake in the bottom of the prepared pan. Using a pastry brush, brush the cake with a light coating of lemonade, followed by a 1/4 of the lemon ice cream mixture, making sure to smooth the surface as much as possible.
- Spoon about 1/4 cup of the strawberry sauce evenly over the lemon cream and top with some of the reserved diced strawberries, followed by another layer of pound cake.
- Repeat the process with the remaining layers, freezing between layers if needed.
- Finish with a layer of lemon cream and a final layer of pound cake. Make sure to save about 1/2 cup of strawberry sauce for serving.
- Wrap the entire cake in plastic wrap and freeze for at least 10 hours or overnight.
- When ready to serve, remove the plastic wrap and invert the cake onto a cutting board. Peel off the plastic wrap and trim the sides of the cake with a knife.
- Transfer the cake to a serving platter, and spread the top and sides of the cake with the reserved lemon cream.
- Serve the cake topped with lemon curd, reserved strawberry sauce, fresh strawberries and lemon slices.
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