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 DARK CHOCOLATE COCONUT BITES
These Healthy Dark Chocolate Coconut Bites are little squares of pure chocolate and coconut bliss. They’re made with unsweetened coconut flakes, brown rice syrup and a wee bit of vanilla, and they come together in about 10 minutes.
Shredded coconut, brown rice syrup and pure vanilla extract are all you need to make these easy and decadent treats. These Healthy Dark Chocolate Coconut Bites come together in about 10 minutes, and they offer a healthy dose of good fats (coconut oil), antioxidants (dark chocolate) and iron and fiber (coconut).
These coconut candy bites are amazing plain. They’re light and chewy and have a rich coconut flavor.I hope you make this healthy candy recipe! Each little square is a two-bite piece of heaven!
INGREDIENTS:
FOR THE COCONUT BITES
- 3 cups unsweetened finely shredded coconut
- 1/3 cup brown rice syrup (you can use honey or maple syrup as well)
- 1 teaspoon pure vanilla extract
- pinch of sea salt
FOR THE CHOCOLATE SAUCE
- 1 cup dark chocolate chips (or 1 cup chopped dark chocolate from a bar like Scharffen Berger)
- 1 tablespoon coconut oil
DIRECTIONS:
FOR THE COCONUT BITES
- Line a loaf pan or an 8 x 8 cake pan with parchment paper. Spray the parchment paper with coconut spray.
- Add the coconut to a food processor and process for a few seconds to process the coconut into finer pieces.
- With the processor running, add the rice syrup, vanilla and salt.
- Process for about a minute or until the ingredients are blended.
- Pour the coconut mixture into the prepared pan and spread out. Form into an even rectangle shape of about 1/2 inch thickness.
- Place in the freezer and freeze for about 30 - 45 minutes or until the coconut bar has set.
- Remove from freezer and cut the coconut bar into approximately 24 bite-size pieces.
FOR THE DARK CHOCOLATE SAUCE
- Heat the chocolate chips and coconut oil in a small sauce pan over a double broiler. Stir until the chips have completely melted. Remove from heat.
- Dip each coconut piece of candy in the chocolate and set on a cookie sheet lined with a Silpat.
- Place the chocolate covered coconut bites either in the freezer for about 10 minutes to set, or set them in the refrigerator for 30 - 45 minutes to set.
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