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!
RED VELVET CREAM CHEESE BUNDT CAKE
RED VELVET CREAM CHEESE BUNDT CAKE: THIS MOIST RED VELVET BUNDT CAKE IS SWIRLED WITH A SWEET CREAM CHEESE FILLING AND TOPPED WITH A WHIPPED CREAM CHEESE FROSTING!
Yup. It’s pretty obvious how I feel about EVERYTHING Red Velvet! For Valentine’s Day I am planning on trying out red velvet pancakes to make for breakfast.
I think the girls would get a major kick out of red heart shaped pancakes. Bonus: I would get to eat any leftovers.
INGREDIENTS
Cream Cheese Filling
- 1 (8 oz) package cream cheese, softened
- 4 tablespoons butter, softened
- 1/2 cup Dixie Crystals Extra Fine Granulated Sugar
- 1 large egg
- 2 tablespoons all-purpose flour
- 1 teaspoon vanilla extract
Red Velvet Cake
- 2 1/3 cups all-purpose flour*
- 1 3/4 cups Dixie Crystals Extra Fine Granulated Sugar
- 3 tablespoons cocoa powder
- 1 teaspoon baking soda
- 1 teaspoon salt
- 1 1/4 cups vegetable oil
- 2 large eggs
- 1/2 cup sour cream
- 1/2 cup whole milk
- 1 tablespoon vanilla extract
- 1 tablespoon white vinegar
- Red gel food coloring, as needed
Cream Cheese Icing
- 2 cups Dixie Crystals Confectioners Powdered Sugar
- 4 oz cream cheese, softened
- 3/4 cup heavy cream
- 1 tablespoon vanilla extract
DIRECTIONS
- Preheat oven to 350°F. Grease a 10-inch bundt pan with baking spray or butter and flour it. Set aside.
- Prepare cream cheese filling first. In a stand mixer, beat cream cheese, butter, and sugar until light and fluffy, about 2 minutes. Add egg, flour, and vanilla and continue beating until smooth. Set aside while preparing cake batter.
- In medium bowl, mix flour, sugar, cocoa powder, baking soda, and salt. Set aside.
- In large bowl whisk together vegetable oil, eggs, sour cream, milk, vanilla extract, and vinegar. Beat in flour mixture until well combined. Add red food coloring, until desired color.
- Pour half of cake batter into prepared bundt pan. Top evenly with cream cheese filling, leaving a 1-inch border around edge of pan. Top with remaining cake batter.
- Insert a butter knife into cake batter and lightly swirl cream cheese filling into cake. Do not swirl too much; you just need to swirl knife a couple of times through layers.
- Bake for 55 to 65 minutes, until center is set and a toothpick inserted comes out clean. Allow cake to cool completely (in bundt pan) before inverting onto cake plate.
- While cake cools, prepare icing - Beat powdered sugar, cream cheese, heavy cream, and vanilla extract for 2 minutes, until well combined. Place in a piping bag and pipe on to top of cooled cake. Serve immediately, and store leftovers in the refrigerator.
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