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!
Chocolate Layer Cake with Cream Cheese Filling and Chocolate Buttercream
Gorgeous looking cake - The layers stayed together. The frosting didn't have crumbs in it. The cake and frosting recipes were well-executed. (Although, I did almost forget to add the sugar when I was mixing the cake batter!)
Ingredients:
- 2 cups sugar
- 1 & 3/4 cups flour
- 3/4 cup cocoa powder
- 1 & 1/2 teaspoons baking powder
- 1 & 1/2 teaspoons baking soda
- 1 teaspoon salt
- 2 eggs
- 1 cup milk
- 1/2 cup vegetable oil
- 2 teaspoons vanilla
- 1 cup boiling water
Instructions:
- Preheat the oven to 350°F. Coat three 8-inch cake pans with nonstick spray. Line the bottoms of the pans with parchment paper. Spray each pan again and coat with a thin layer of flour.
In a large bowl, combine the sugar, flour, cocoa, baking powder, baking soda, and salt. Add the eggs, milk, oil, and vanilla, and mix until everything is thoroughly incorporated. Stir in the boiling water; the batter will be very thin.
Divide the batter evenly among the prepared cake pans. Bake for 30-35 minutes, or until a toothpick inserted in the center of each layer comes out clean. Cool the layers in the pans for 10 minutes before transferring to a wire rack to cool completely.
Wrap each layer in plastic wrap and refrigerate for several hours or overnight. Make the cream cheese filling and chocolate buttercream (see recipes below). When you're ready to assemble the cake, remove the layers from the refrigerator. If needed, level each layer with a serrated knife or cake leveler.
Place the bottom layer on a cake plate. Evenly spread about 3/4 cup of the cream cheese filling over the cake, leaving about 1/2 inch margin around the edges. Top with the second layer and repeat. Finally, top with the third layer. Apply a thin layer of chocolate buttercream over the top and sides of the cake. This is only a crumb coat, so it doesn't need to be perfect. Refrigerate the cake for about 30 minutes.
Remove the cake from the refrigerator and apply a final layer of chocolate buttercream, as well as any desired embellishments.
Cream Cheese Frosting
6. Remove the cake from the refrigerator and apply a final layer of chocolate buttercream, as well as any desired embellishments.
Cream Cheese Frosting
- 1 cup cream cheese
- 3/4 cup butter
- 1/2 tablespoon vanilla
- 6 cups powdered sugar
Beat the cream cheese and butter with an electric mixer at medium speed for about one minute. Add the vanilla and beat one minute more. Reduce the mixing speed to low, and add the powdered sugar about 1/2 cup at a time. Once the sugar is completely incorporated, beat at medium speed for about two minutes or until fluffy.
Chocolate Buttercream
- 1 cup butter (8 ounces)
- 1 & 3/4 cups cocoa powder (5 ounces)
- 6 cups powdered sugar (25 ounces)
- 1/2 cup + 3 tablespoons milk
- 2 teaspoons vanilla
In a large bowl, combine the powdered sugar and cocoa powder. Beat the butter with an electric mixer at medium speed for about one minute. Reduce the mixing speed to low, and add the sugar/cocoa mixture about 1/2 cup at a time. Halfway through this process, add the milk and vanilla. Once all of the ingredients are thoroughly incorporated, beat at medium speed for about two minutes or until fluffy.
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