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!
Breakfast Banana Split w/ MaraNatha Almond Butter
This shop has been compensated by Collective Bias, Inc. and its advertiser. All opinions are mine alone. I owe a BIG THANKS to Wal-Mart for carrying such healthy food options like Maranatha Almond Butters and all the delicious ingredients used in this recipe! #StartAHealthyRelationship #CollectiveBias #CBias.
I am partial to the MaraNatha No Salt or Sugar Added Almond Butter much like my obsession with plain Greek yogurt. I think it’s because I prefer to add my own sweetener and salt to my meals.
This healthy, easy, and clean eating recipe makes the perfect breakfast or snack. MaraNatha Almond Butters pair perfectly with protein-packed plain Greek yogurt, tasty fruit, and gluten-free granola! Kids and adults will love this for a fun dessert too, maybe add a few chocolate chips! If you need a break from eggs, smoothies, and oats try this low carb weight loss idea to kick up your mornings! For more recipes like this check out groundedandsurrounded.com!
Ingredients
- 1 banana, cut in half lengthwise
- 1/2 cup plain Greek yogurt
- 1/2 tsp vanilla extract
- 1/4 cup granola
- 1 cup fresh berries (strawberries, blueberries, raspberries, blackberries)
- 1-2 Tbsp MaraNatha Creamy No-Stir Almond Butter
Instructions
- Peel your banana, cut it in half lengthwise. Place the 2 banana pieces side bt side in a shallow bowl or on a plate.
- In a small bowl mix the plain Greek yogurt and vanilla extract together. Pour on top of the bananas.
- Spread berries and granola on top of yogurt and drizzle with the MaraNatha Creamy No-Stir Almond Butter. If your almond butter is not "pourable", scoop it into a small bowl and heat for 15 seconds in your microwave. Then drizzle on top of your banana split to complete your healthy breakfast recipe!
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