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!
Keto Blueberry Lemon Bread
I love writing easy recipes for you, and this Keto Blueberry Lemon Bread recipe is as simple as it gets. All you need to do is throw the low-carb ingredients in a blender, transfer to a pan, then bake. Making this homemade bread recipe is close to effortless.
Keto Blueberry Lemon Bread is a keto dessert recipe. If you don’t eat sugar or other sweeteners such as honey or maple syrup you’ll find it’s just sweet enough for you. If you follow a higher carb diet it may not seem very dessert-like in comparison to the other foods you are eating.
I haven’t experimented with using other sweeteners in place of stevia in this bread recipe so not sure how that would work. For those of you that are looking for a substitute for the protein powder, I also haven’t tried that so can’t be of much help! If you do experiment please leave a comment and let us know how it goes.
Ingredients
- 3 cups blanched almond flour (not almond meal)
- 2 tablespoons egg white protein powder
- 1 teaspoon cream of tartar
- ½ teaspoon baking soda
- ¼ teaspoon celtic sea salt
- 6 large eggs
- 1 tablespoon lemon zest
- ½ teaspoon vanilla stevia
- 1 cup blueberries, fresh or frozen
Instructions
- In a food processor, pulse almond flour, egg white protein powder, cream of tartar, baking soda, and salt
- Pulse in eggs, lemon zest, and stevia until batter is very smooth
- Stir in blueberries by hand
- Transfer batter to a greased 9 x 5 inch loaf dish
- Bake at 350°F for 45-55 min
- Cool for 2 hours, then remove from pan
- Serve
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