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!
Best Blueberry Muffins
Bursting with fresh blueberries with a tender crumb and sparkling sugar crust, these really are the best blueberry muffins. I’ve tried fussier recipes that call for mashing some of the blueberries into the batter or even swirling homemade blueberry jam into the mix, but there’s no need for all that this simple recipe tops them all.
As you can see, I use both vanilla and almond extracts — that’s part of what makes these muffins so good. Vanilla is standard, but almond extract adds that unmistakable scent of almond, which complements the berries nicely. For the blueberries, I prefer fresh but if you only have frozen, be sure to stir them into the batter without thawing, otherwise their dark juice will turn the muffins purple
Ingredients
- 2 cups all-purpose flour, spooned into measuring cup and leveled-off
- 2 teaspoons baking powder
- 3/4 teaspoon salt
- 1 stick (1/2 cup) unsalted butter, softened
- 1 cup granulated sugar
- 2 large eggs
- 1-1/2 teaspoons vanilla extract
- 1/4 teaspoon almond extract
- 1/2 cup milk
- 2-1/4 cups fresh blueberries
- 2 tablespoons turbinado sugar (also called raw sugar or demerara sugar)
For Cooking
- Non-stick cooking spray
- 12 paper muffin liners
Instructions
- Preheat the oven to 375°F. Line a 12-cup muffin tin with paper liners. Spray the pan and the liners with non-stick cooking spray.
- In a medium bowl, whisk together the flour, baking powder and salt.
- In the bowl of an electric mixer, beat the butter and granulated sugar for about 2 minutes. Add the eggs one at a time, scraping down the sides of the bowl and beating well after each addition. Beat in the vanilla extract and almond extract. (The batter may look a little grainy -- that's okay).
- Gradually add the flour mixture, alternating with the milk, beating on low speed to combine. The batter will be very thick. Add the blueberries to the batter and fold gently with a spatula until evenly distributed. Do not overmix.
- Scoop the batter into the prepared muffin tin (an ice-cream scoop with a wire scraper works well here); they will be very full. Sprinkle the turbinado sugar evenly on top of the muffins.
- Bake for about 30 minutes, until lightly golden. Let the muffins cool in the pan for about 10 minutes. Run a knife around the edge of each muffin to free it from the pan if necessary (the blueberries can stick), then transfer the muffins to a rack to cool completely.
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