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!
Orange & White Chocolate Cake
Orange & White Chocolate Cake
A fantastic light orange and almond sponge covered in a delicious white chocolate topping
Serves 10
Prep time 30 minutes
Cooking time 40 minutes
Ingredients
175g butter, softened, plus extra for greasing
175g golden caster sugar
4 oranges, zest of 4, juice of 1
4 eggs, separated
100g self-raising flour
1 tsp baking powder
100g ground almonds
For the topping
200g white chocolate
200ml creme fraiche
100g white chocolate, to decorate
Preparation method
1. Preheat the oven to 180°C/160°C Fan/Gas Mark 4. Grease two 20cm sandwich tins and line the bases with baking parchment.
2. Place the sugar into a large bowl and add the butter and orange zest, beat until the mixture is pale and fluffy then add the egg yolks. Sift the flour and baking powder over the mixture and fold through lightly. Then fold through the almonds and orange juice.
3. In a separate bowl whisk the egg whites until they can hold their shape. Now fold through a third of the egg whites into the cake mixture. Repeat with another third and then the final third. Try not to over mix the mixture otherwise you will lose the lightness.
4. Divide the cake mix between the 2 cake tins and bake in the preheated oven for 30-35 minutes. Remove from the oven and leave to cool in the tin for 5 minutes and then remove and leave to cool on a wire rack.
5. For the topping, place the chocolate in a bowl and melt over a slightly simmering pan of water and leave to cool. In a separate bowl whip the crème fraiche until it is thick then fold through the white chocolate. Place one cake on a serving plate and spoon half the icing onto the cake and top with the other layer of cake. Spread the rest of the icing on top then allow to set in the fridge for at least one hour.
6. To decorate the cake, melt the remaining chocolate and spread thinly over a baking tray. Leave to set in the fridge then use an angled knife blade to scrape chocolate curls. Pile the curls in the middle of the cake. Cut into slices and enjoy!
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