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!
Best Fudgy Cocoa Brownies
The best, fudgy one bowl cocoa brownies! a special addition gives these brownies a super fudgy centre without losing that crispy, crackly top!
Ingredients
- 1/2 cup unsalted butter, melted
- 1 tablespoon cooking oil, (olive oil or coconut oil are fine)
- 1 1/8 cup superfine sugar, (caster sugar or white granulated sugar)*
- 2 large eggs
- 2 teaspoons pure vanilla extract
- 1/2 cup all purpose (or plain) flour
- 1/2 cup unsweetened cocoa powder
- 1/4 teaspoon salt
Instructions
- Preheat oven to 175°C | 350°F.
- Lightly grease an 8-inch square baking pan with cooking oil spray. Line with parchment paper (or baking paper); set aside.
- Combine melted butter, oil and sugar together in a medium-sized bowl. Whisk well for about a minute. Add the eggs and vanilla; beat until lighter in colour (another minute).
- Sift in flour, cocoa powder and salt. Gently fold the dry ingredients into the wet ingredients until JUST combined (do NOT over beat as doing so well affect the texture of your brownies).
- Pour batter into prepared pan, smoothing the top out evenly. (OPTIONAL: Top with chocolate chunks or chocolate chips.)
- Bake for 20-25 minutes, or until the centre of the brownies in the pan no longer jiggles and is just set to the touch (the brownies will keep baking in the hot pan out of the oven). If testing with a toothpick, the toothpick should come out dirty for fudge-textured brownies.
- Remove and allow to cool to room temperature before slicing into 16 brownies.
- OPTIONAL ADD INS:
- Crushed walnuts, peanuts, almonds, pecans, etc. Chocolate chips, peanut butter chips, chocolate chunks, dried fruit (cranberries, raisins, etc)
- Recipe Notes
- *Regular white, granulated, sugar can be used if you can't find caster sugar. For even fudgier brownies, use half white and half light brown sugar!
TIPS AND TRICKS:
1. Whisk your butter and sugar really well.
2. Beat in your eggs for a good minute. This step is crucial for that crackly top
3. Do NOT over beat your batter once the flour and cocoa powder are added. THAT creates air pockets in the batter which will give you cake-like textured brownies.
4. Do NOT over bake them! I like mine at exactly 21:30 minutes. You can go a little bit over if you like them set a bit more, but I don't recommend it if you're looking for the fudgiest brownies in this lifetime.
5. I bake my brownies on the top shelf in the oven. I find the middle shelf cooks them a lot faster and dries them out.
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