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!
CINNAMON ROLL BUNDT CAKE
CINNAMON ROLL BUNDT CAKE
It is Bundt time again and this month’s theme is Spices and hosted by Deepti of Baking Yummies. Thank you kindly for hosting Deepti!!! Today I give you Cinnamon Roll Bundt Cake for #BundtBakers. I started thinking of using all these exotic spices but then cinnamon buns popped into my head. I wanted something with the real taste of a really good cinnamon bun, you know like the kind you get in one of those lovely cinnamon bun shops in the mall or in a bakery with the yummy cream cheese frosting that gets all over your fingers and face!! You feel like a kid again eating one of those!!
A bundt cake that tastes just like a delicious homemade cinnamon roll!!
INGREDIENTS
- ½ cup butter, softened
- 1¼ cup sugar
- 3 eggs
- 2¼ cup flour
- 2 tsp. baking soda
- ½ tsp. salt
- 1-153 gm. (5 oz.) package instant vanilla pudding mix (4 serving size)
- ½ cup sour cream
- 1 cup milk
- 1 tsp. vanilla
- ⅓ cup chopped pecans
Swirl
- ⅔ cup chopped pecans
- 1 Tbsp. cinnamon
- ½ cup butter, softened
- 1 Tbsp. flour
Cream Cheese Glaze
- 4 oz. cream cheese
- 2 cups icing sugar (confectioner's sugar, powdered sugar)
- 2-3 tbsp. milk
- 1 tsp. vanilla
INSTRUCTIONS
- Preheat oven to 350F. Spray a bundt pan with cooking spray and flour the inside. Spread the ⅓ cup pecans on the bottom of the pan and set aside. Whisk together the flour, baking soda, salt and pudding mix. Set aside.
- In a standup mixer beat together the butter and sugar until fluffy. Add the eggs one at a time and mix well. Add the flour alternatively with the sour cream and milk mixed with the vanilla, and ending with the flour. Beat well for 2 min.
- Mix the swirl ingredients together. Pour half the cake batter into the prepared bundt pan, take half the swirl mixture and with your hands drop small pieces all around the center of the batter, connecting the filling like a ring in the middle. Pour the remaining batter in and top with the rest of the swirl mixture, pressing it into the batter slightly again making a ring in the middle of the batter. Bake for 50-60 min. or until a cake tester comes out clean. Let cool for 10-15 min. Then carefully place on a cooling rack to cool completely. The cake is so moist it can be made a day ahead of time, wrapped with foil.
- When ready to serve. Whip together the cream cheese glaze by creaming the cream cheese until softened, slowly add the icing sugar and vanilla. Add enough milk for desired consistency. Beat for 3-4 min. on high to remove any lumps. Pour over cake and serve.
