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 Soft Garlic Breadsticks
Soft and fluffy gluten free breadsticks brushed with olive oil and natural garlic salt, these are the perfect addition to any meal! From start to finish, you’ll have them on the table in less than an hour!
Ingredients
- 1 T yeast (I used instant)
- 2 T sugar or honey
- 2/3 cup warm water
- 2 cups high quality gluten free flour (I used gfJules)
- 2 tsp xanthan gum (omit if flour mix contains xanthan)
- 1/2 tsp RealSalt
- 1/2 tsp gluten free baking powder
- 1 large egg
- 1/3 cup olive oil
- 1 tsp gluten free vinegar
- 1 T olive oil
- 3/4 tsp RealSalt Garlic Salt
Instructions
- Line a baking sheet with parchment and brush with a small amount of olive oil.
- In a 2 cup measuring cup, whisk together yeast, sugar, and warm water. Let stand 3-5 minutes until bubbly and almost double in size to activate the yeast.
- While yeast is proofing, add gluten free flour, xanthan gum if needed, RealSalt, and baking powder to the bowl of your stand mixer (or a large bowl) and mix with paddle attachment or a spoon until combined.
- When yeast mixture is ready, add it to the flour mixture along with the egg, olive oil, and vinegar. Mix on medium speed (high if using a hand mixer) for 3 minutes. The dough should be smooth and too sticky to handle with your hands unless they are well greased.
- With a spatula, scoop dough into a gallon size Ziploc bag, then cut a 1" diagonal line across one corner (not a corner with a zipper).
- Pipe dough onto your prepared baking sheet, leaving about 1 1/2"-2" between each breadstick. You should have about six 9" long breadsticks.
- Put baking sheet in a warm place to rise. I heat my oven to 100 degrees F then turn it off and put the breadsticks in.
- Allow breadsticks to rise for 10 minutes, until they've increased in size about 50%. They will continue to rise as the oven is preheating and if they rise too much, they will deflate some while cooking.
- After they've risen 10 minutes, gently remove the pan from the oven and preheat the oven to 350 degrees F.
- Once oven is preheated, bake the breadsticks for 10-12 minutes (it took 12 in my oven). The breadsticks should be a light brown color underneath.
- Whisk 1 T olive oil and RealSalt Garlic Salt together in a small bowl. Brush this mixture over the breadsticks until you have used it all. Sprinkle with additional RealSalt Garlic Salt and serve. These breadsticks are best warm, but can be stored at room temperature up to 3 days. You can re-warm them in the microwave for about 15 seconds to improve texture after storing
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