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!
Hummingbird Bread with Cream Cheese Frosting
This recipe is for a sweet, nutty banana bread that is traditionally known as Hummingbird Bread.
Well, in all truth, I’m not entirely sure Hummingbird Bread is all that traditional. Hummingbird Cake is a traditional southern dessert, and while cake and I are pretty much bffs for life, I was more in the mood for bread when I was recipe testing.
Not to pat myself on the pack or anything, but the bread route was a great, great idea.
This easy hummingbird bread recipe is full of the flavors of the classic southern cake! This simple quick bread recipe is filled with sweet flavor, and is topped with the best cream cheese frosting!
Ingredients
Bread
- 1/2 cup butter, softened
- 3/4 cup granulated sugar
- 1/4 cup brown sugar
- 2 eggs
- 2 1/2 cups all purpose flour
- 1 tsp baking soda
- 1/4 tsp salt
- 1 1/2 cups mashed bananas (about 3-4 medium bananas)
- 1 tsp vanilla extract
- 1 tsp ground cinnamon
- 8 oz crushed pineapple (with juice)
- 1 cup shredded coconut, sweetened
- 1/3 cup chopped pecans
Cream Cheese Frosting
- 1/2 cup butter, softened
- 8 oz cream cheese, softened
- 1 cup powdered sugar
- 1 tsp vanilla extract
- 1/2 cup chopped pecans
Instructions
- Preheat oven to 350 degrees. Grease two 8x4 pans.
- In a large bowl, cream butter, granulated sugar, and brown sugar together until light and fluffy.
- Add in eggs and vanilla; beat until mixed.
- To the wet ingredients, sift in flour, baking soda, cinnamon and salt.
- Stir until just combined. Add in pineapple, coconut, and pecans. Mix until combined.
- Pour in mashed bananas, and mix until combined.
- Bake for 30-35 minutes, or until a cake tester comes out clean. Allow to cool.
- Cream Cheese Frosting
- Beat cream cheese and butter together until combined. Add in vanilla extract; mix.
- Add in powdered sugar, and mix until well combined.
- Spread frosting over cooled breads, and sprinkle with chopped pecans.
- Enjoy!
- Store leftovers in the fridge.
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