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!
Whole Wheat Strawberry Blueberry Banana Bread
Tender banana bread full of fresh summer berries. Naturally sweetened and extremely tender, it’s the perfect healthy breakfast or snack!
Throughout my childhood, my family celebrated the 4th of July like most people in our town: with backyard BBQs, big scoops of ice cream, and watching fireworks exploding in the night sky from neighborhood parks. But a few years, my mom scheduled a business trip to Phoenix the week before, so we spent those patriotic holidays with my grandparents in southern Arizona instead.
With sweltering temperatures close to 110°, we changed a few of our 4th of July traditions. We skipped the BBQ, opting instead for cold deli sandwiches with plenty of juicy watermelon, plus lots of time spent indoors during the afternoon playing board games or piecing together puzzles while enjoying the modern miracle of air conditioning.
INGREDIENTS :- 2 cups (240g) whole wheat or gluten-free* flour (measured correctly)
- 1 tsp baking powder
- ½ tsp baking soda
- ¼ tsp salt
- 1 tbsp (14g) unsalted butter or coconut oil, melted and cooled slightly
- 2 large egg whites, room temperature
- 1 ½ tsp vanilla extract
- ¾ cup (200g) mashed banana (about 2 medium)
- ¼ cup (60g) plain nonfat Greek yogurt
- 3 tbsp (45mL) honey
- ¼ cup (60mL) nonfat milk
- ½ cup (80g) diced fresh strawberries (about 4 medium-large)
- ½ cup (70g) fresh blueberries
INTRUCTIONS :
- Preheat the oven to 350°F, and lightly coat a 9”x5” loaf pan with nonstick cooking spray.
- In a small bowl, whisk together the flour, baking powder, baking soda, and salt. In a separate bowl, whisk together the butter or coconut oil, egg whites, and vanilla. Stir in the mashed banana, Greek yogurt, and honey, mixing until no large lumps of yogurt remain. Alternate between adding the flour mixture and the milk, stirring just until incorporated, beginning and ending with the flour mixture. (For best results, add the flour mixture in 3 equal parts.) Gently fold in the strawberries and blueberries.
- Spread the batter into the prepared pan. Bake at 350°F for 40-50 minutes, or until a toothpick inserted into the center comes out clean. Cool in the pan for 10 minutes before transferring to a wire rack.
- Notes: For the gluten-free flour, I recommend as follows: 1 cup (120g) millet flour, ½ cup (60g) tapioca flour, ½ cup (60g) brown rice flour, and 1½ teaspoons xanthan gum.
- Any milk will work in place of the nonfat milk.
- Frozen berries may be substituted instead. Thaw the strawberries slightly, just enough to dice, but add both them and the blueberries while still frozen. The loaf may need to be baked longer; use the toothpick test to determine when it’s done. (Remember, frozen blueberries bleed and will turn the loaf slightly gray in color.)
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