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!
Homemade Lemon Pudding Cake
Homemade Lemon Pudding Cake
This lemon pudding cake came about while I was fresh off the success of my homemade Pistachio Pudding cake. That cake rocked my world. It took my love of pistachio pudding to new heights.
Homemade Lemon Pudding Cake
Prep Time 20 mins
Cook Time 55 mins
Amazing homemade lemon pudding cake. This tangy and sweet confection is sure to delight!
Course: cake
Author: Karlynn Johnston
Ingredients
- 3/4 cup unsalted butter softened
- 1 1/2 cups of white granulated sugar
- 1 99 gram - 128 gram package of jello lemon pie filling or instant lemon pudding (small packet
- 2 tbsp fresh lemon zest
- 4 eggs
- 1 1/4 cup whole milk
- 1/3 cup canola oil
- 1 tsp vanilla extract
- 1 3/4 cups all-purpose flour
- 3 tbsp cornstarch
- 4 teaspoons baking powder
- 1 teaspoon salt
Instructions
- Preheat the oven to 325 degrees F. Grease and flour a standard Bundt pan.(the 12 cup capacity)
- In a medium bowl, whisk together the flour, cornstarch, baking powder and salt then set aside.
- Using an electric mixer on medium speed with a paddle attachment, cream together the butter and granulated sugar until light and fluffy, about 3 minutes. Add in the lemon pie filling mix POWDER ( YOU DO NOT COOK IT) and combine thoroughly.
- Beat in the eggs, one at a time, making sure each is thoroughly incorporated.
- Mix in the lemon zest.
- Combine the milk, oil and vanilla extract in a large measuring cup or bowl.
- Starting with the dry ingredients, alternate pouring a third of the wet and dry ingredients into the mixer bowl, incorporating thoroughly after each addition. You will end on the wet ingredients. Mix on medium speed for 2 minutes after the last addition.
- Pour the cake batter into the prepared Bundt pan and bake for 50 to 60 minutes, or until a tester inserted into the center of the cake comes out clean.
- Invert the cake onto a baking rack to cool.
- Frost with Lemon Buttercream Icing when the cake has completely cooled and sprinkle lemon zest over the icing if wanted.
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