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!
ZUCCHINI PIZZA CRUST
If you’re grain-free like me (most of the time), you’ve probably gone through a period where you mourned the loss of a good slice of pizza. Thankfully, grain-free pizza crust is not especially hard to come by these days, especially in the Portland area. Unfortunately, quite a bit of it has the taste and texture of cardboard or relies too heavily on processed starches, which I try to limit.
Home-baked grain-free crust recipes also abound, and many are super tasty, but I’ve never found one that produced a pie that doesn’t realistically need to be eaten with a knife and fork. Unless you’re a preternaturally orange politician or a Seinfeld character, I’d guess you probably expect to pick up your slice and eat it with your hands.
Ingredients
- 5 medium zucchini
- 2-3 tsp sea salt (for disgorging)
- 2 cups almond flour
- 2 tbsp coconut flour
- 2 large eggs
- 2 cups Parmesan cheese
- 1 tsp red pepper flakes
- 1 tsp dried oregano (optional)
Instructions
- Shred the zucchini in a food processor, with a julienne slicer, or a cheese grater.
- Disgorge the shredded zucchini (remove the excess water) by sprinkling liberally with salt. (2-3 tsp should be plenty) and set aside for 20 minutes.
- Now is a good time to preheat your oven to 375 degrees F (190 C).
- After 20 minutes, transfer the zucchini to a few layers of cheesecloth and squeeze out the excess water. You should end up with a lot of liquid and a much smaller pile of zucchini shreds.
- Combine zucchini mulch with the remaining ingredients in a large mixing bowl. I find that a wooden spoon works best for incorporating the ingredients into a pliable dough.
- Turn out the dough into a baking paper-lined baking sheet and spread into an even layer, about 1/3 inch thick. We generally use a round aerated pizza sheet that measures 15.75 inches, but a regular large cookie sheet will work well also.
- Pop the pizza crust in the oven for 25-35 minutes, checking at the 25-minute mark. The crust should be starting to turn a nice golden brown on top. Let crust cool before topping.
- After you've dressed your pie in toppings, pop it back in the oven for another 20 minutes.
NotesLet your crust cool before loading it up with sauce and toppings, and let it cool just slightly again before slicing and eating. This will help prevent the crust from becoming soggy with toppings and help your crust stay together so you achieve a good consistency for picking it up and eating by hand.
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