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 BLUEBERRY MUFFINS
This recipe for Healthy Blueberry Muffins are delicious and nutritious! The addition of oat bran flakes gives the muffins a bit more fiber without lacking taste.
Now that my son has started to eat “real solids” and not just baby food, I have been doing my best to feed him as healthy as possible. I refuse to buy pre packaged junk for him (if I do buy pre packaged I read ingredients so I know what I’m buying) so lately I have been experimenting with a lot of baking. I recently made him Healthy Toddler Muffins, it’s a recipe has been quite popular on The Bewitchin’ Kitchen and they’re delicious. It was a relief to find out that Carter liked them so I wanted to broaden my muffin skills and came up with a recipe for healthy blueberry muffins.
Blueberries seem to be on sale every week here on the North Coast here in British Columbia, not that I’m complaining. Anytime I can get fruit for as cheap as possible, I’m laughing. I picked up a few pounds of blueberries the other day and a couple of bananas and went to work. Most blueberry muffin recipes seem to be cake like: they contain a lot of oil, sugar and unnecessary junk. All the recipes I Googled made me cringe, even the “healthy” ones. I took some of the best, mashed them together and added a few of my own touches. I’m not saying this recipe is perfectly healthy, but it’s a start. Personally, I don’t want to feel guilty for having a muffin for breakfast. Muffins shouldn’t be a dessert, especially if they’re for breakfast or a snack for a toddler.
This recipe for blueberry muffins is picky eater approved and it packs added fiber to your diet too with oat bran! Healthy muffin recipes do exist!
INGREDIENTS:
- 1 1/4 cup whole wheat flour
- 1/2 cup all purpose flour
- 1/4 cup oat bran flakes
- 1 tsp baking soda
- 1/2 tsp sea salt
- 1/2 cup unsweetened apple sauce
- 1/4 cup sugar
- 2 eggs
- 2 bananas (mashed)
- 1/3 cup skim milk (or almond/coconut)
- 1 tsp vanilla extract
- 1 cup blueberries
DIRECTIONS:
- Preheat oven to 375.
- Whisk together the first five ingredients.
- In a larger mixing bowl (the one that you’re going be using for your stand mixer) combine the applesauce and sugar. You will then add your eggs in, one at a time.
- In a small bowl mashed your bananas and add the milk and vanilla.
- At this point, while your mixer is on, you will begin to add the dry ingredients and the banana mixture a little bit at a time (alternating). Combine and fold in berries.
- Spray muffin tin with nonstick butter flavored spray.
- Bake 18-20 minutes or until fork comes out clean.
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