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!
GLUTEN-FREE PULL-APART DINNER ROLLS {DAIRY-FREE OPTION}
Gluten-free Dinner Rolls that taste like grandma’s holiday rolls! We enjoy these at the holidays and year-round! Be sure to read through the post for my tips!
After I had to give up gluten, I tried making my own rolls at home, using my old favorite recipes, just substituting gluten-free flour, and each time they failed miserably. Thankfully, just a few months after my celiac diagnosis and transition to cooking & eating gluten-free, my local gluten-free store brought in Rachel aka Gluten Free Mama for a baking class. I sat there amazed as she whipped up super easy gluten-free dinner rolls, then when I got to sample them, I couldn’t believe it.
They actually tasted like real homemade dinner rolls! These don’t taste like cardboard, crumble like sawdust, require a knife to saw through, or need to be toasted to be palatable. What a relief, right?!
INGREDIENTS
- 2 3/4 cups (11 1/2 oz.) Gluten Free Mama's Almond Blend Flour
- 1 1/2 tsp. xanthan gum
- 2 tsp. SAF instant yeast
- 1/4 cup sugar
- 1 tsp. salt
- 1 cup warm water (105-110°)
- 2 Tbsp. butter, dairy-free margarine, or Spectrum shortening, melted
- 1 egg (preferably room temp)
- 1 tsp. cider vinegar
DIRECTIONS
- In the mixing bowl of your electric mixer, mix together flour, xanthan gum, instant yeast, sugar, and salt.
- With mixer running on low speed, add in the water, melted butter (or substitute), egg, and cider vinegar.
- Mix on medium speed 3 minutes.
- Spray 8" or 9" round cake pan or pie plate with cooking spray. Using a 2" scoop or 1/3 cup measuring cup, scoop dough into 9 mounds in the pan. I place one mound in middle, then scoop 8 mounds of dough side by side all the way around the pan.
- Dip your fingertips into warm water and use to smooth out the tops of the rolls, continuing to wet fingers as needed.
- Cover with a dry towel and let rise in a warm place 45 minutes to 1 hour.
- During the last few minutes that the rolls are rising, preheat oven to 400°.
- Bake in 400° oven for 26-28 minutes. Tops should be golden brown and if you measure temperature of dough, it should measure 200°.
- Brush rolls with additional 1/2-1 Tablespoon of melted butter.
- by Michelle Palin ~ My Gluten-free Kitchen
RECIPE NOTES
Please see blog post for information on egg-free and dairy-free substitutions. If you would like to use a different flour blend, please read through the reader comments below to see what flour blends have worked well for other readers! Make sure you measure the flour by weight!
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