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!
maple parsnip morning glory coffee cake
We are off to a great start in maple sugaring season here in Vermont, so I am temporarily straying from my usual vegetable side dish and weeknight meal line-up for a brief moment to bring you this moist and fragrant Maple Parsnip Morning Glory Coffee Cake. I couldn’t stop obsessing about the idea of using parsnips instead of carrots in a morning glory recipe. I wondered if it would taste good, so I just had to make it happen.
I ended up making morning glory coffee cake instead of muffins; a celebration worthy recipe, if you will. And I’ll just cut to the chase… it came out amazingly well. The maple syrup and naturally sweet parsnips and raisins make this ultra moist and fragrant. You can serve it for Easter brunch or during maple sugaring season or just for any reason really! It’s a delicious way to enjoy parsnips in baking!
Ingredients
Streusel Topping
- ¼ cup old-fashioned oats
- ¼ cup all-purpose flour
- 2 tablespoons granulated natural cane sugar (evaporated cane juice)
- 2 tablespoons unsalted butter, softened
- ½ teaspoon cinnamon
Cake
- ¾ cup dark pure maple syrup
- ¾ cup unsweetened applesauce
- ½ cup organic canola or avocado oil
- 2 large eggs
- 2 teaspoons vanilla extract
- 1 cup white whole-wheat flour
- 2 teaspoons baking powder
- 1 teaspoon cinnamon
- 1 teaspoon ground ginger
- ½ teaspoon salt
- 2 cups shredded peeled parsnips
- ½ cup raisins
- ½ cup chopped toasted walnuts
Instructions
- Preheat oven to 350 degrees F. Grease a 10-inch spring-form pan or mist with cooking spray.
- Make Streusel: Rub together oats, flour, cane sugar, butter and ½ teaspoon cinnamon in a small bowl with clean fingertips until crumbly. Set aside
- Make Coffee Cake: Whisk maple syrup, applesauce, oil, eggs and vanilla in a large bowl.
- Whisk flour, baking powder, cinnamon, ginger and salt in a small bowl.
- Add the flour mixture to the wet mixture and stir to combine with a silicone spatula. Add parsnip, raisins and walnuts and stir to combine. Spread batter in the pan, top with streusel and transfer to the oven. Bake until the cake is puffed and the top is golden, about 55 minutes.
- Let cake cool at least one hour. Cut into wedges and serve.
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