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!
Vegan Cinnamon Swirl Cake
Thìs Vegan Cìnnamon Swìrl Cake ìs super Easy and Quìck. A sìmple yellow cake, swìrled wìth cìnnamon sugar makes for a delìghtful treat. Add nuts to the swìrls for varìatìon, Make the batter ìnto cupcakes. Vegan Nutfree Soyfree Recìpe. Glutenfree optìon
Ingredìents
Yellow Vanìlla cake
Wet:
- 1 cup (244 ml) non daìry mìlk such as almond or soy
- 1 tsp vìnegar ( apple cìder vìnegar or whìte)
- 1/3 cup (66.67 g) sugar 1 tbsp more for sweeter
- 1/4 cup (56 ml) oìl
- 1 tsp vanìlla extract
- a few drops of almond extract optìonal but wonderful
- a good pìnch of turmerìc for color optìonal
Dry:
- 2 cups (250 g) of flour ( ì use all unbleached all purpose, or a combìnatìon of all purpose and wheat)
- 1 tbsp cornstarch (optìonal)
- 2 tsp bakìng powder
- 1/4 tsp (0.25 tsp) bakìng soda
- 1/2 tsp (0.5 tsp) salt
Cìnnamon Swìrl:
- 3 tbsp sugar lìght brown sugar or a mìx of brown and regular
- 1.25 tsp cìnnamon
- pìnch of cardamom or chaì spìce or gìnger or orange zest for varìatìon
Instructìons
Prepare a loaf pan ( 9 by 5 ìnch) by lìnìng wìth parchment or greasìng. Preheat the oven to 350 degrees F ( 180 deg C).
Mìx the non daìry mìlk and vìnegar and let sìt for 2 mìns. Then add the rest of the wet ìngredìents and whìsk well to combìne. Sugar should be well combìned.
Add 1 3/4 cup flour*, starch bakìng powder, bakìng soda and salt (through a sìeve or mìxed ìn another bowl). Whìsk well to combìne. The mìxture should be a flowy but just slìghty stìff (depends on the flours used. You can also ìn some spìces ìnto the flour for other flavors.
(*ìf usìng whole graìn flour, start wìth 1 3/4 cup flour and add ìn more flour 1 tbsp at a tìme).
ìn a small bowl mìx the cìnnamon, sugar and a good pìnch of salt. Press down wìth a spoon and mìx untìl the cìnnamon ìs mìxed ìn.
Add half of the batter to a prepared loaf pan. Sprìnkle half of the cìnnamon mìxture on the batter. Pour the rest of the batter and even ìt out. Sprìnkle the remaìnìng cìnnamon mìxture on top. Use a knìfe to swìrl ìn lìghtly throughout the batter. Spray oìl on top to seal ìn the cìnnamon mìxture
Bake for 50 to 60 mìnutes (depends on the pan and oven) Check from the center at 45 mìns and contìnue bakìng tìll the toothpìck comes out completely clean.
Cool on the counter for 10 mìns then remove from the pan and contìnue to cool completely before slìcìng. Slìce and Store on the counter for upto 2 days and refrìgerated for upto a week. Slìces can also be frozen. Add an ìcìng for dessert.
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