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!
COCONUT CREAM POKE CAKE
Moist and delicious Coconut Cream Poke Cake filled with coconut cream pudding and topped with a creamy whipped topping.
I have a confession to make. I love those little Pepperidge Farm cakes. You know the ones that you see in the freezer section at the grocery store. Not only are those cake cute but they remind me of my beloved great-grandmother, especially the Coconut Layer Cake. I remember she always had them. Every time I have a slice of Pepperidge Farm cake I always think of her.
This moist and delicious Coconut Cream Poke Cake reminds me of the flavors of the Pepperidge Farm Coconut Layer Cake. It starts with a simple white cake mix dressed up with some coconut flakes and coconut extract. It’s filled with coconut cream pudding and topped with creamy whipped topping and sweetened coconut flakes. It’s super easy to make but tastes like it just came from a bakery!
This Coconut Cream Poke Cake uses coconut extract in the cake and instant coconut cream pudding for the filling. I like to keep the whipped topping plain as I think it balances the flavors of the coconut in the filling and cake without being overwhelming. You could even top the cake with toasted coconut flakes for some extra texture and crunch.
Coconut cakes always make me think of Easter and spring. It’s light and fresh and full of flavor. If you’re a coconut lover or you know someone who is you need to try this sensational cake. It’s perfect for any spring celebration that everyone will love!
Ingredients
Cake
- 1 box white cake mix
- Water vegetable oil and eggs per package instructions
- 3 teaspoons coconut extract
- 1/2 cup sweetened coconut flakes
Filling
- 2 3.4 ounce boxes instant coconut cream pudding
- 3 cups milk
Topping
- 2 cups heavy whipping cream
- 1/2 cup powdered sugar
- 1/3 cup sweetened coconut flakes
Instructions
- Prepare Cake
- Preheat oven at 350 degrees.
- Grease a 9x13 baking pan and set aside.
- In a large bowl mix cake mix, water, vegetable oil,eggs and coconut extract until combined.
- Gently stir in coconut flakes.
- Pour batter into prepared baking pan and spread evenly.
- Bake in preheated oven for 20-25 minutes until cake tester inserted into the center of the cake comes out clean.
- Cool cake for about 15 minutes then while the cake is still warm poke holes using the back of a wooden spoon or similar object over entire cake about 1/2 inch apart.
- Allow cake to cool completely before filling.
- In a large bowl mix together pudding mixes and milk and immediately pour all over cake and spread evenly and make sure all the pudding seeps into the holes.
- Refrigerate cake until pudding is set.
- Prepare Topping
- Place heavy cream and sugar in large bowl.
- Using an electric mixer beat cream and sugar together on high speed until stiff peaks form.
- Spread whipped topping evenly over entire cake.
- Sprinkle with coconut flakes.
- Keep cake refrigerated.
Recipe Notes
This recipe used Duncan Hines Classic White Cake mix with 1 cup water, 1/3 cup vegetable oil and 3 large egg whites.
For some extra texture top the cake with toasted coconut flakes. Place coconut flakes in a medium skillet over medium heat and stir occasionally until golden and toasted.
Wilton Cake Release or Wilton Bake Easy spray works great for cakes that don't stick!
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