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!
The Best Viennese Sacher Torte
Austrian desserts and baked goods are world renowned as heavenly, sweet treats. It’s difficult to avoid becoming addicted to these delights!
I’m sure you’ve heard of the iconic specialty that is the Sacher torte, a dessert that’s known and cherished all over the world. It’s the famous decadent chocolate gâteau that’s made with apricot jam, and a rich chocolate glaze on top.
Ingredients
- 5 oz. high quality dark chocolate chopped
- 6 eggs separated
- 1 vanilla bean
- 5 oz. oz. or 1 stick + 1 tbsp. butter at room temperature
- 5 oz. or 1/2 cup + 1 tbsp. sugar
- 3 1/2 oz. or a scant 1/2 cup fine breadcrumbs
- 5 oz. or 1/2 cup + 1 tbsp. smooth apricot jam*
- For the glaze:
- 2 oz. or 1/4 cup
sugar
7 tablespoons water7 oz. high quality dark chocolate choppedInstructions
- Melt the chocolate in a double boiler over low heat.
- Preheat the oven to 180°C/350°F (convection 160°C/320°F). Grease the springform pan or line with parchment paper.
- Whisk the egg whites until stiff peaks form. Set aside.
- Cut the vanilla pod lengthwise and scrape out the pulp. Set aside.
- Whisk the softened butter in a large bowl until smooth. Add the sugar and vanilla pulp gradually, stirring to combine after each addition.
- Add the egg yolks one at a time and continue to mix, until thickened and fluffy.
- Add the melted chocolate and the breadcrumbs, and stir to combine.
- Finally, gently fold in the egg whites.
- Pour the batter into your baking tin and smooth the surface with a spatula.
- Bake in the lower part of your oven for approximately 50 minutes, or until a skewer comes out clean.
- Cool completely in the pan, then carefully remove, running a knife around the perimeter first to loosen the edges.
- Halve the chocolate sponge to form two layers, and spread half of the apricot jam on the bottom layer. Place the second layer on top. Spread the remaining jam on top of the cake.
- For the glaze, heat the sugar and water in a double boiler until the sugar has dissolved (do not boil). Add the chocolate gradually and stir until the chocolate is melted and fully combined, and the mixture has a shiny appearance.
- Pour the glaze on top of the cake, and spread to cover.
- Cool completely before serving.
Recipe Notes
To enjoy a real piece of Viennese culture, serve with whipped cream and a cup of coffee. This chocolatey temptation should be stored in the fridge.
This recipe is for a 9-inch springform baking tin.
*If you prefer another flavor besides apricot, feel free to substitute with raspberry jam, or your favorite choice.
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