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!
Healthy Chocolate Peanut Butter Balls
Enjoy a sweet treat with these healthy chocolate peanut butter balls that only use a few choice ingredients. It's gluten free, dairy free and vegan.
I've never been much of a baker - too many precise measurements, where I prefer to toss, taste and experiment. I also just don't want cakes and eclairs in my house. It's too tempting and I prefer to get my calories elsewhere. That said, I do enjoy a little something sweet after dinner. It's the flare I like to send to the rest of my body that I'm shutting down the eating machine for the night.
I've had large amounts of nut butters in my house of late, like almond butter and peanut butter, and I've become a bit addicted. I could have worse addictions I suppose, but I'm just happy to control the ingredients going into my food and nut butters is an easy one to manage. Pair that with my love of a little something sweet, and just like the Reese's peanut butter genius, an idea was born with 2 favorite ingredients. And if you're from Ohio, you're probably going to call these bad boys "buckeyes."
INGREDIENTS
- 8 ounces organic, raw, unsalted peanuts
- 1 tablespoon honey or maple syrup (or a few Stevia drops)
- Salt to taste
- 4 tablespoons almond meal
- 4 ounces dairy-free chocolate
- 1 teaspoon coconut oil
INSTRUCTIONS
- Preheat oven to 350. Place peanuts on a baking sheet and roast approximately 5 minutes, pulling them just as they turn golden. Allow to cool.
- Put peanuts in a high powered blender and mix until smooth and oils release. Add honey and salt and process until desired taste is reached. Place peanut butter in a bowl and add almond meal, adjusting the amount until the mixture is combined and begins to form a ball. To get the mixture to further set, return to freezer for 15 minutes.
- Remove peanut butter from freezer and use two melon scoops to place dime size balls on a parchment lined baking sheet. Place sheet in freezer until set, about 30 minutes. Remove from freezer and if balls needs shaping, roll between hands.
- Melt chocolate and coconut oil in a microwaveable safe dish and stir.
- Break the middle tines of a plastic fork and use to roll the balls through the chocolate until fully coated. Place balls back on pan. Once finished, return the pan to the freezer until the balls are fully set.
- If there is leftover chocolate, you can double dip some of the balls for a thicker, fuller coverage.
- Serve immediately or store in the freezer.
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