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!
Coconut Flour Kombucha Honey Cake
This kombucha cake is made with a combination of almond meal, coconut flour and arrowroot starch to keep it gluten-free and grain-free. Once baked until golden brown, the kombucha cake is topped with berries and drizzled in raw honey for a beautiful dessert.
To make the kombucha cake, start by whisking almond meal, coconut flour, arrowroot starch, baking soda, and salt until combined. In a separate bowl, whisk eggs, honey, and kombucha together, then pour the wet ingredients into the dry and mix until you get a thick and homogeneous batter.
Pour the batter into a parchment-lined round baking pan and bake for about half an hour, or until a toothpick inserted in the middle comes out clean. Let the cake cool before topping it with berries and drizzling it in honey. Then slice and enjoy!
Dig into this sweet kombucha cake topped with fresh berries and honey for a Paleo-friendly dessert.
Ingredients
- Coconut oil for greasing
- 1 ¼ cup almond meal
- ½ cup coconut flour
- ¼ cup arrowroot starch
- ½ t baking soda
- ¼ t salt
- 4 large eggs
- ¼ cup raw honey
- ½ cup plain kombucha
- Berries for garnishing (I used a mix of strawberries and blueberries)
- Raw honey for drizzling over the top
Instructions
- Preheat the oven to 400°F. Grease the sides of a 9-inch round baking pan with coconut oil, lining the bottom with parchment paper.
- In a large mixing bowl, sift the almond meal, coconut flour, arrowroot starch, baking soda, and salt together. Whisk well to combine.
- In a medium bowl, beat the eggs, honey, and kombucha together.
- Pour the wet mixture into the dry ingredients and whisk well. The batter will be thick.
- Transfer the batter into the prepared baking pan and bake for 30 minutes, or until the top is golden brown, and a toothpick inserted in the middle comes out clean.
- Carefully remove the cake from the pan and let it cool completely.
- Top the cake with the berries, drizzle honey over the top, and serve!
Tips:
- To make the kombucha cake as a loaf, pour the batter into a parchment-lined loaf pan and bake for 40 minutes.
- For muffins, pour the batter into a greased muffin tin, and bake for only 20 minutes.
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