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!
Vegan Chocolate Chip Cookie Recipe
I wanted to share with you my super yummy and easy to make chocolate chip cookie recipe! This recipe was actually first made to make two giant chocolate chip cookies. My husband and I had gone out for dinner and one of the dessert options which wasn’t vegan…was a giant chocolate chip cookie with a dollop of ice cream! That had me thinking I NEED to veganize this! So last week if you follow me on instagram you would have seen in my instagram story the giant cookies!
I made this chocolate chip cookie recipe with regular flour but I have made it a number of times with a 1 for 1 gluten free flour mix and its turned out tasting exactly the same! So to make this gluten free just swap out the flours! Also I find the best kind of chocolate chip cookies have ALOT of chocolate chips! I love to also chop up a dark chocolate bar and mix it into the batter to add some extra dimension to the cookies.
I used coconut sugar instead of white sugar. It gives it a nice sweetness and allows you to have the brown sugar goodness a chocolate chip cookie needs. All with out the sugar crash afterwards. Coconut sugar is made from the sap of the coconut palm. It actually maintains some of it’s original nutrients It’s a much better alternative then refined white sugar. All in all this recipe makes around 24-32 cookies depending on the size you scoop out on your cookie sheet!
If you like this recipe you will love my chewy peanut butter cookies too! CLICK HERE for the recipe!
Ingredients
- 1 cup Coconut sugar
- 2/3 cup Coconut oil
- 1/2 cup Almond milk
- 1 teaspoon Vanilla extract
- 2 1/2 cups Flour
- 1 teaspoon Baking powder
- 1/2 teaspoon Baking soda
- 1 dash Salt
- 1 cup Vegan chocolate chips
Instructions
- Preheat oven 350 degrees
- Mix together liquified coconut oil, coconut sugar and vanilla extract add in almond milk
- In a separate bowl milk dry ingredients; flour, baking soda, baking powder and salt.
- Combine wet and dry ingredients until well mixed. Add in the chocolate chips. Let chill for 5 minutes.
- Scoop out teaspoon sized balls of chocolate chip cookie dough on to a baking sheet. Press the circles flat to make perfectly round cookies. Bake for 10-12 for chewy cookies or 12-15 for crunchy cookies.
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