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!
Chocolate Pecan Ooey Gooey Butter Cake
Chocolate Pecan Ooey Gooey Butter Cake
Chocolate Pecan Ooey Gooey Butter Cake with fudgey brownie layer at the bottom, ooey gooey pecan pie filling in the center and buttery cream cheese topping, hidden like molten lava under the amazing thin layer of sweet flakes, is out of this world! It’s totally amazing combo of flavor and texture, as well!
Chocolate Pecan Ooey Gooey Butter Cake
Prep Time: 20
Cook Time: 70
Yield: 12
Category: Desserts
Method: Bake
Cuisine: American
Description
Gooey butter cake is very rich, sweet and velvety cake with crispy top layer of crust and molten lava in the center. Although, this cake looks like a gooey mess, it’s melt-in-your-mouth-goooood!!
Ingredients
Bottom Layer:
- 1 box (18 oz.) brownie mix
- 1 egg
- ½ cup unsalted butter-melted
- water (if needed)
Pecan Pie Filling:
- 3 eggs
- 1/3 cup light brown sugar
- 1/4 cup sugar
- 1 cup light corn syrup
- ¼ cup salted butter- melted
- 2 teaspoons vanilla extract
- 2 cups pecans-coarsely chopped
- Top Layer:
- 8 oz. cream cheese-softened
- 3 eggs
- 1 ½ teaspoons vanilla
- 1/2 cup unsalted butter-melted and slightly cooled
- 3 1/3 cups powdered sugar
Instructions
- Preheat the oven to 325 F and grease 9 x 13 baking dish with non-stick cooking spray.
- To make the bottom layer, stir together brownie mix, ½ cup melted butter and 1 egg. The mixture should be thick. If it’s not come together add 1 tablespoon of water at the time, until everything is well blended, but to stay thick. Pat the mixture on the bottom of the pan to make an even layer.
- To make the Pecan pie filling mix together 3 eggs, sugar and brown sugar, vanilla, melted butter and corn syrup until well blended. Fold in pecans and spread over the bottom layer.
- To make the topping on low speed mix together cream cheese, melted butter, eggs and vanilla. Gradually add powdered sugar. Spoon the mixture over pecan filling.
- Bake at 325 F for 55-75 minutes. It should be a little jiggly in the center when finished baking, but cheesecake part should be firm to the touch. If it starts browning too much tent the top with aluminum foil.
- Cool on a wire rack before serving.
