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 ZUCCHINI BREAD
Perfect for using up that garden bounty, here’s a new recipe for gluten-free zucchini bread – an easy and delicious quick bread recipe! Dairy-free option for it too!
Gluten-free Zucchini Bread is the perfect recipe for when you have lots of zucchini from your garden or from the farmer's market. Dairy-free option: use non-dairy yogurt alternative and use oil in place of butter.
INGREDIENTS
- 4 cups good quality all-purpose gluten-free flour blend*
- 1/2 tsp. xanthan gum (*omit if your flour blend has a gum already)
- 2 tsp. baking powder
- 2 tsp. baking soda
- 2 tsp. salt
- 2 tsp. cinnamon
- 2 tsp. allspice
- 12 Tbsp (1 1/2 sticks) unsalted butter, melted
- 2 1/2 cups sugar
- 4 eggs
- 1/2 cup vanilla yogurt
- 2 Tbsp. lemon juice
- 3 cups shredded zucchini (unpeeled, or peel to avoid green flecks. If large zucchini, discard seeds)
DIRECTIONS
- Before starting: Shred your zucchini. I slice, remove seeds, then put through my food processor with shredding attachment. You can peel or leave unpeeled. Set aside until called for in instructions below.
- Lightly spray two 9x5 loaf pans with cooking spray. Preheat oven to 375°.
- To a large mixing bowl, add the gluten-free flour, xanthan gum, baking powder, baking soda, salt, cinnamon, and allspice. Whisk together. Set aside.
- In another large bowl, add the melted butter. Next add the sugar and whisk together to dissolve the sugar. Add the eggs, vanilla yogurt and lemon juice and whisk until combined.
- Alternate adding some of the flour mixture and some of the shredded zucchini to the butter/sugar mixture, gently folding/stirring with a rubber spatula. I did this in three turns of flour and zucchini until all was gently stirred in.
- Equally divide the batter between both loaf pans. You can use a food scale to make sure they're even for even baking times.
- Bake at 375° until golden brown and a toothpick inserted into center comes out with crumbs only, no wet batter, about 45-50 minutes. Cool in pan on cooling rack for 10-15 minutes. Remove from pan and let cool on wire rack until cool. Once cool, slice and serve, or wrap with foil and keep on counter for serving. Or wrap well with foil and place in a freezer bag and freezer for up to 6 months.
- by Michelle Palin ~ My Gluten-free Kitchen
RECIPE NOTES
*I've tested this with Gluten Free Mama's Almond Flour Blend and gfJules flour blend and recommend either!
If using a flour blend that already includes xanthan or guar gum, then omit the xanthan called for in the recipe.As always, be sure to double-check your ingredients for gluten.
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