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!
VANILLA QUINOA FLOUR CUPCAKES
A healthier birthday (or any day) treat – Vanilla Quinoa Flour Cupcakes with just 7 ingredients and creamy pink coconut berry frosting on top!
This one is going to be short but SWEET. Because it’s seven forty-something p.m. the night before, but I am determined to share these pink-frosted fluffy little cakes with you tomorrow. So that means less rambling and more let’s get to the recipe already.
A healthier birthday (or any day) treat – Quinoa Flour Cupcakes with just 7 ingredients and creamy pink coconut berry frosting on top. Vegan, gluten-free, easy!
INGREDIENTS
- VANILLA CUPCAKES
- 3/4 cup (190g) unsweetened applesauce
- 1/2 cup (160g) maple syrup
- 1/2 cup (120g) light coconut milk (*)
- 2 tsps vanilla extract
- 2 tsps baking powder
- Pinch of salt
- 1 3/4 cup (200g) quinoa flour (**)
- RASPBERRY FROSTING
- 3/4 cup (180g) coconut butter
- Optional: 2 tbsp maple syrup ((at room temperature))
- 1/4-1/2 cup non-dairy milk ((at room temperature))
- 1-2 tbsps ground freeze-dried raspberries
INSTRUCTIONS
- Preheat the oven to 325F.
- In a mixing bowl, combine the applesauce, maple syrup, milk, and vanilla. Whisk.
- Add the baking powder, salt, and flour. Whisk/stir to combine.
- Line a cupcake pan with paper liners. (These cupcakes are low-fat so consider lightly spritzing the liners for easier removal.)
- Divide the batter between 6-8 cupcakes, filling each 3/4 of the way.
- Bake for 25-30 minutes at 325F. The centers should be firm and bounce back when pressed.
- Remove from the oven and cool completely before frosting, or even chill overnight.
- For the frosting, melt the coconut butter until soft and pourable (I microwaved it for 5-10 seconds).
- In a blender combine the coconut butter and liquid sweetener. (Make sure all the ingredients are at room temperature!)
- Blend adding milk slowly until creamy and smooth. It will seize up initially but keep going and it will smooth out. Don’t add too much milk or it will turn into a glaze.
- Add the freeze dried raspberry dust. Blend/adjust to desired color.
- Once the cupcakes are cool, frost them and top with freeze dried berry “sprinkles”.
- Enjoy!
- Keep leftovers in the fridge in an airtight container. They can last 3-4 days, but will dry out with time. The frosting will become quite firm in the fridge so warm sightly before serving.
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