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!
FUDGY 3-INGREDIENT COOKIES
The last ingredient is peanut butter, and don’t even try to tell me you don’t have peanut butter! It’s best if it’s the unsweetened, natural, creamy kind, but use what you have.
And finally, there’s the sea salt which, I suppose, is technically the 4th ingredient. Wait, don’t go! You can skip the salt if you want, but the cookies won’t taste the same.
The salt is what pulls the whole cookie together, making the cocoa taste more robust and bringing out the sweetness of the bananas. The salt is actually pretty important, even though it doesn’t technically go in the cookie.
3 ingredient cookies with NO gluten, grains, dairy, eggs, or added sugar! These moist and fudgy detox cookies come together in a snap! They only require a bowl and spoon to make. And they're gluten free, vegan and paleo-friendly!
Ingredients
- 3 ripe bananas about 1 1/2 cups puree, mashed or pureed until smooth
- 1/2 cup natural creamy peanut butter. Substitute almond butter for paleo or Whole30 compliance. unsweetened
- 1/2 cup good quality cocoa powder
- handful coarse sea salt for garnish
Instructions- Preheat the oven to 350F.
- In a large mixing bowl, use a fork to thoroughly combine the first three ingredients until it reaches a smooth and uniform consistency.
- Scoop heaping tablespoons of dough onto a greased or lined cookie sheet, about 1 inch apart.
- Sprinkle the tops of the cookies with a pinch of sea salt.
- Bake for 8-15 minutes (see note) until cookies lose their sheen.
- Allow to cool and set on the cookie sheets for 3-5 minutes before transferring to a wire rack to cool completely.
Recipe Notes
- Store in an airtight container at room temperature for up to 5 days.
- Yield: About 2 dozen cookies.
- Troubleshooting tips:
- If your cookies are too lumpy, try running the dough in the food processor for 30-60 seconds.
- The moisture content of the dough may vary (for example if your large banana is bigger than they ones I used). If the batter is too thin and watery, you can try two things: add more cocoa to absorb the moisture, and/or bake for longer.
- Make sure you thoroughly stir your peanut butter. If it is too oily (such as from the top of a new jar), that might be another reason why your batter could be too runny.
- On the other hand, if your PB is the right consistency, it can be tough to stir into the batter. Try microwaving it for 15-20 seconds until it's smooth and easier to work with.
- Depending on the moisture content of your bananas, your baking time could vary from 8 minutes to 15 minutes.
- If your dough is more like a thick batter, just plop the portions of dough on the cookie sheet and they will spread out by themselves. No need to flatten with a fork.
- If you don't want to garnish your cookies with salt, add a pinch to the batter.
Nutrition Facts
3-Ingredient Cookies
Amount Per Serving
Calories 32Calories from Fat 18
% Daily Value*
Total Fat 2g3%
Sodium 29mg1%
Potassium 63mg2%
Total Carbohydrates 2g1%
Protein 1g2%
Calcium0.4%
Iron1.9%
* Percent Daily Values are based on a 2000 calorie diet.
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