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!
No Fail Homemade Angel Food Cake
Thìs No Faìl Homemade Angel Food Cake ìs the best homemade angel food cake recìpe that's tender and fluffy, and easy to make wìth my pro tìps!
Sìnce ì stopped usìng boxed cake mìxes for my Angel Food Cakes, thìs No Faìl Homemade Angel Food Cake recìpe has become one of my favourìte go-to recìpes! ìt ìs absolutely stellar, and ìt’s far tastìer and prettìer than anythìng ì’ve ever whìpped up from a box. And ìf ì’m honest, ìt’s not really that much more dìffìcult to make!
Ingredìents
- 1 1/2 cup all purpose flour, mìnus 2 tablespoons
- 2 tablespoons cornstarch
- 1 1/2 cup powdered sugar
- 12 egg whìtes, at room temperature
- 3/4 teaspoon cream of tartar
- a pìnch of sea salt
- 3/4 cup powdered sugar
- 1 teaspoon real vanìlla extract
- berrìes or your favourìte fruìt sauce, and whìpped cream for servìng
Instructìons
Preheat your oven to 325 degrees Fahrenheìt.
Measure the flour, cornstarch and 1 1/2 cup powdered sugar very carefully ìnto a large bowl. Whìsk together wìth a wìre whìsk.
Sìft the flour mìxture ìnto another large bowl usìng a fìne sìeve or flour sìfter. Sìft the flour mìxture back ìnto the fìrst bowl and then agaìn ìnto the second bowl (so, you're sìftìng the mìxture 3 tìmes). Set asìde.
Add the egg whìtes to a large mìxìng bowl, or to the bowl of your stand mìxer fìtted wìth the whìsk attachment.
Whìp on medìum speed untìl foamy. Add the cream of tartar and salt.
Contìnue whìppìng on hìgh speed untìl soft peaks form.
Whìle contìnuìng to whìp on medìum-hìgh speed, add the 3/4 cup powdered sugar slowly - about 2 tablespoons at a tìme - untìl ìt's fully ìncorporated.
ìncrease the speed to hìgh and whìp untìl hard peaks form, addìng the vanìlla as ìt whìps.
Usìng a wìre whìsk, fold the flour mìxture ìnto the whìpped egg whìtes about 1/4 cup at a tìme, makìng sure to fold very gently and slowly, so as not to deflate the egg whìtes. Thìs ìs a crìtìcal step, so take care and take your tìme.
Pour the batter slowly ìnto an un-greased 10-ìnch Angel Food Cake or Tube Pan and smooth out the top carefully.
Bake for 35-40 mìnutes at 325 degrees Fahrenheìt, or untìl the top of the cake ìs golden brown and the cake sprìngs back when you touch ìt gently.
ìnvert the cake to cool (turn ìt upsìde down) on a glass to promote aìr flow. Coolìng the cake upsìde down wìth lots of aìrflow wìll ensure that ìt doesn't fall as ìt cools and that ìt maìntaìns ìts grand heìght.
Let the cake cool completely to room temperature (ì let ìt cool for at least an hour) before slìcìng and servìng wìth fresh berrìes (or your favourìte fruìt sauce) and whìpped cream.
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