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!
Black Forest Cake
Decadent chocolate cake + boozy cherry filling + sweet whipped cream = a recipe for Black Forest Cake perfection! You're gonna love this classic German dessert!
Ingredients
- Chocolate Cake
- 2 cups all-purpose flour
- 2 cups granulated sugar
- 1 cup Dutch-process cocoa powder
- 2 teaspoons baking powder
- 1 teaspoon salt
- ½ teaspoon baking soda
- 2 cups buttermilk
- 2/3 cup vegetable oil
- 2 teaspoons vanilla extract
- 4 large eggs
- Cherry Filling
- 1 1/2 pounds fresh cherries pitted
- 1/2 cup kirsch
- 1/3 cup granulated sugar
- 1/4 cup + 1 tablespoon water divided
- 1 tablespoon cornstarch
- Whipped Cream
- 3 cups heavy whipping cream
- 3 tablespoons powdered sugar
- Grated dark chocolate for garnish
- Fresh cherries for garnish
Instructions
- Chocolate Cake
- Preheat the oven to 350 degrees F. Grease three 8" round cake pans. Set aside.
- In a large bowl, combine the flour, sugar, cocoa, baking powder, baking soda, and salt. Whisk to combine.
- In a separate large bowl, whisk together the buttermilk, oil, and vanilla. Gradually beat the wet ingredients into the dry ingredients.
- Add the eggs one at a time, beating until well blended and smooth. Divide the batter into the prepared cake pans.
- Bake 22-28 minutes until a toothpick inserted in the center comes out clean. Cool the cakes in the pans for 10 minutes, then flip them onto a cooling rack and cool completely.
- Cherry Filling
- Soak cherries 2 hours or overnight in the kirsch. Drain cherries through a fine mesh sieve, reserving the kirsch. Whisk cornstarch and 1 tablespoon of water together in a small bowl.
- Bring the soaked cherries, sugar, and water to a boil in a medium saucepan. Add the cornstarch & water and stir to combine. Cook 10 minutes until thickened. Remove from heat and allow to cool completely.
- Whipped Cream
- Whip the cream until soft peaks form, then slowly add the sugar on low speed until incorporated. Whip until stiff peaks form.
Assembly
- Trim each layer to create even layers. Place the first layer on a cake board or plate and brush reserved kirsch over the surface.
- Spread a thin layer of whipped cream on the cake, then top with 1/2 of the cherry filling. Repeat on the next layer. Top with the final layer of cake, brushing the top with kirsch.
- Crumb coat the cake with a thin layer of whipped cream, then chill it for 30 minutes.
- Ice the cake with the remaining whipped cream to coat the sides and top of the cake. Decorate the sides with the grated chocolate. Pipe dollops of whipped cream on top of the cake, then garnish with fresh cherries.
- Refrigerate the cake until ready to serve, up to a few hours. The cake will hold in the fridge for about 3 days.
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