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 BUTTERFINGER POKE CAKE
A poke cake especially for chocolate and Butterfinger lovers! Easy to make and even easier to eat!
EASY DESSERT
This is an easy dessert to make.
First it starts out with a chocolate cake mix. Then you poke some holes in the cooled cake and pour on some butterscotch instant pudding. It’s all topped off with whipped topping and crushed Butterfinger candy bars.
What could be easier?
SOME RECOMMENDATIONS
Most poke cake recipes call for a 13 x 9 sized cake. I do things a bit differently.
What I do is make the cake in a 11 x 7-inch pan. Not only is the cake higher, but because it is higher you get more of the creamy pudding filling. One small box of instant pudding will suffice to fill the holes, but if you want to make sure they are over filled, then use two boxes. If you use two boxes, you’ll have pudding left over, but that’s no tragedy!
Some recipes tell you to poke the holes in the cake about 10 minutes after removing it from the oven. I never do this because quite frankly, it’s messy. I wait until the cake has completely cooled. Make sure you use a wooden spoon with a round handle. Nothing will stick and you’ll get nicely shaped holes.
CRUSHING BUTTERFINGER BARS
This is not as easy as you may think!
I don’t mean that it’s hard work, but I used a meat mallet and got bigger chunks than I wanted along with a lot of powder. Also they don’t break easily if you try to do it by hand. Trust me, I tried that first. So I just stuck with the big chunks and the powder.
On a recent shopping trip, I noticed they now sell Butterfinger pieces. You can find them where the chocolate chips are. That way, you don’t have to crush the candybars. Another good thing about buying this in the baking aisle as opposed to the candy aisle is there is no tax (at least in New York) on the “baking” ingredient where we pay tax on it if it’s sold as “candy.” The same thing applies to M&Ms. Taxable products vary from state to state, so it’s best you find out what your laws are. I can only speak for New York.
INGREDIENTS
- 1 box (2 layer size) chocolate or devils food cake mix (plus all the ingredients to make the basic cake)
- 4-serving size package instant butterscotch pudding mix (the small box)
- 4-5 fun-size Butterfinger candy bars, broken up
- 8 oz whipped topping (1 container)
INSTRUCTIONS
- Preheat oven to temp directed on cake mix box. Spray or grease a 13 x 9 or 11 x 7-inch baking dish. See NOTES if using 11 x 7 pan.
- Make cake according to box directions. Remove from oven and let the cake cool.
- Using the handle of a wooden spoon, poke holes in cooled cake about 1-inch apart.
- Make pudding mix according to package directions for pie filling. Pour pudding over top of cake making sure the holes are filled.
- Refrigerate cake until pudding is set--about 2 hours.
- Frost cake with the tub of whipped topping and top with broken candy bars.
- Chill until ready to serve.
NOTES
You will need to add about 10 minutes to the baking time for the 13 x 9 that's on the box if you use the smaller pan.
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