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!
STRAWBERRY CUPCAKES WITH CREAM CHEESE FROSTING
These Strawberry Cupcakes with Cream Cheese Frosting are perfect! So moist and fluffy! And they are an amazing copy of one my favorite cupcakes!
So I think I’ve mentioned it before, but in case I haven’t here’s my little secret: Even though I bake mostly from scratch these days, I grew up on box mixes and store bought cakes.
It’s true. I know there’s a camp of people who are totally box mix haters and then there’s a camp that’s all about them. I personally love them at times when I want something easy. And you will never convince me that Funfetti Cake with Rainbow Chip Icing isn’t the best cake ever. But I also love baking from scratch. I’ve always loved cake, but I loved it even more when I started having from-scratch cakes. There’s just so much variety and I love that.
That said, my favorite besides Funfetti was always a strawberry cake mix with cream cheese frosting. There’s just something about the strawberry cake mix flavor. I know some might think it’s artificial, but whatevs. I dig it.
So I set out to replicate the flavor of that cake mix, but from scratch. I’m pretty sure I hit the nail on the head. I’m in love with these cupcakes! I even put “love” on top of them. 🙂
INGREDIENTS:
STRAWBERRY CUPCAKES
- 3/4 cup (155g) sugar
- 6 tbsp unsalted butter (86g), room temperature
- 6 tbsp (90ml) sour cream
- 2 tsp strawberry extract
- 3 egg whites
- 1 1/4 cups (163g) all purpose flour
- 2 tsp baking powder
- 1/4 tsp salt
- 5 tbsp (75ml) milk
- 3 tbsp (45ml) strawberry puree
- 3-4 drops pink food color
CREAM CHEESE FROSTING
- 8 oz (226g) cream cheese, room temperature
- 6 tbsp (86g) butter, room temperature
- 4 cups (460g) powdered sugar
- 1 tsp vanilla extract
TOPPERS
- 5 oz red Wilton Candy Melts
- sprinkles
ADDITIONAL TOOLS
- Piping bag
- Wilton #4 Icing tip
- Ateco #844 Icing tip
- Coupler
- Parchment paper
DIRECTIONS:
1. Preheat oven to 350 degrees and prepare a cupcake pan with cupcake liners.
2. Beat butter and sugar until light in color and fluffy, about 2-3 minutes.
3. Add sour cream and strawberry extract and mix until well combined.
4. Add egg whites in two batches, mixing until well combined.
5. Combine dry ingredients in another bowl, then combine milk and strawberry puree in another bowl.
6. Add half of the dry ingredients to the batter and mix until well combined. Add the milk mixture and mix until well combined. Add remaining dry ingredients and mix until well combined.
7. Stir in pink color.
8. Fill cupcake liners about halfway. Bake for 15-17 minutes, or until a toothpick inserted comes out with a few crumbs.
9. While cupcakes cool, make the frosting. Beat cream cheese and butter until smooth.
10. Add half of the powdered sugar and mix until smooth.
11. Add vanilla extract and remaining powdered sugar and mix until smooth.
12. To make the toppers, melt candy melts in a small bowl according to package instructions.
13. Pour melted candy into your piping bag fitted with Wilton tip #3 and pipe “love” onto parchment paper. Add a few sprinkles, then allow to dry and firm.
14. Pipe the cream cheese frosting onto the cupcakes using Ateco tip #844, then add toppers.
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