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!
banana oat baked french toast
This single serve baked French toast is spiked with the delicious combination of bananas and oats! It’s vegan, refined sugar free, easily made gluten-free, and packed with fiber and plant-based protein. A healthy and delicious breakfast!
I realize that’s probably not the best way to start a post that’s kind of all about French toast, but it’s true. I’m not crazy about it.
I think it’s mostly a texture thing. Maybe I’ve just never had a good quality slice of French toast, or maybe I have and that’s just the way it’s supposed to be, but I’ve always found French toast to be either too soggy or too rubbery — not exactly the sort of textures I gravitate towards.
Ingredients
- 1/2 medium-sized ripe banana, mashed (50 g or 1/4 cup)
- 1/4 cup (60 ml) unsweetened almond milk*
- 1 Tbsp (16 g) nut butter** (optional, but recommended)
- 1 tsp (5 ml) maple syrup (or other liquid sweetener)
- 1/2 tsp ground cinnamon
- 1/2 tsp vanilla extract
- 1 slice of hearty bread, cubed***
- 1/4 cup (20 g) quick oats
Directions
- Preheat oven to 375F (190C) and lightly grease an individually-sized oven-safe dish. Set aside.
- Combine banana, almond milk, nut butter, maple syrup, cinnamon, and vanilla extract in a large shallow bowl, mixing until fully combined. Pour bread cubes into the mixture and use a fork to lightly press down so that they absorb most of the liquid. Add oats and gently stir until everything is evenly incorporated. If the mix seems too dry, add a splash of extra milk.
- Transfer mixture to your prepared dish, adding a few slices of banana on top if desired. Bake for 20 minutes, until the bake has set and the top has turned golden brown.
- Remove from oven and top with toppings of choice or simply enjoy as is!
Notes
* Depending on how thick and/or hearty your bread is, you may have to add a splash of extra milk.
** I used almond, but feel free to use whichever nut butter you prefer. Or, you can also leave it out completely.
*** I tried this with a few different types of bread, and each worked fine. Heartier breads produce a slightly drier bake, as do breads that are slightly older. If you need this to be gluten free, use gluten free bread and certified GF oats.
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