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!
CINNAMON PECAN SWEET POTATO ROUNDS
Last summer I started thinking about how I could capture the flavor of a sweet potato casserole without using any sugar. My first stab at it was these Cinnamon Raisin Diced Sweet Potatoes. They’re super simple and light. Ultimately I wanted to capture the sticky richness of that casserole though so I kept testing and tweaking until I landed here. Enter Cinnamon Pecan Sweet Potato Rounds.
Good golly, these things are heaven.
Cinnamon Pecan Sweet Potato Rounds are a naturally sweet and very rich side dish. They taste a lot like a sweet potato casserole!
Ingredients
- Sweet Potatoes
- 4 sweet potatoes medium
- 3 tbsp coconut oil
- Cinnamon Pecan Crust
- 1/2 cup chopped pecans
- 4 tbsp ghee or butter if not Whole30
- 2 tsp cinnamon
- Optional: shredded coconut for topping
Instructions
- Sweet Potatoes
- Preheat oven to 375 degrees.
- Slice your sweet potatoes into rounds. Discard the ends of the potato.
- Lay sweet potato rounds in a single layer on a large baking sheet.
- Melt coconut oil in the microwave or on stove top. Drizzle melted oil over potato rounds. Flip rounds to ensure each potato is well oiled.
- Bake for 10 minutes. Flip potatoes. Bake for 5 minutes. Remove from oven to add crust.
- Cinnamon Pecan Crust
- Melt ghee in the microwave or on stove top. Stir in cinnamon. Stir in chopped pecans. (If you bought your pecans already chopped you may want to chop them again so you have no large pieces. The smaller the are they better they will combine.) You should now have what looks like a cinnamon pecan paste.
- Place a dollop of the cinnamon pecan mixture on each potato round and spread to cover the top of the round.
- Place potatoes back in the oven for an additional 5 minutes to warm the crust up.
- Remove from oven and use a spatula to remove each round from the baking sheet. (They'll start to stick if you don't remove them right away.)
- Sprinkle shredded coconut on top. (Make sure it's unsweetened if you're on Whole30.) Serve immediately.
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