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 Ever Banana Bread
This is honestly the best banana bread recipe ever! Brown butter, buttermilk, and roasted bananas give this bread the ultimate flavor and texture.
Brown butter adds to the nutty sweet flavor while yielding a melt in your mouth texture. Buttermilk adds extra moisture to ensure the bread stays soft and tender.
It can easily be enjoyed in place of dessert or for breakfast. It also makes a great snack between meals.
Ingredients
US Cups - Metric
- 4 large very ripe bananas
- 1/2 cup unsalted butter
- 3/4 cup packed light brown sugar
- 2 large eggs room temperature
- 2 teaspoons vanilla extract
- 1/4 cup buttermilk room temperature
- 2 cups all-purpose flour sifted
- 3/4 teaspoon baking soda
- 1/2 teaspoon salt
- 1/2 cup chopped walnuts optional
Instructions
- Preheat your oven to 350ºF.
- Leave bananas in the peel and place them on a foil-lined baking sheet. Bake for 15 minutes. Cool completely.
- While the bananas are roasting, heat the butter in a small saucepan over medium heat for 2 to 4 minutes, until browned. Set aside to cool.
- Lightly grease and flour a 9x5-inch loaf pan. Set aside.
- In a large mixing bowl, combine the butter and sugar. Beat with an electric mixer for 2 minutes until combined. Add the eggs, one at a time, mixing well after each addition. Mix in the vanilla extract.
- Scrape the bananas out of the peel into a blender and pulse until pureed. You should have about 2 cups of puree. Pour the pureed bananas into the butter mixture and beat until well combined. Add the buttermilk and mix well. The mixture may look curdled. This is normal.
- In a medium bowl, combine the flour, baking soda, and salt. Stir with a whisk. Add to banana mixture and mix just until the flour is incorporated, taking care not to overwork the batter. Stir in the walnuts if using.
- Transfer the batter to the prepared pan and bake at 350°F for 45 to 65 minutes until a toothpick inserted into the center comes out with a few dry crumbs.
- Cool the bread in the pan on a wire rack for 30 minutes. Remove the bread and cool completely on a wire rack.
Make ahead tip
- The bread will stay fresh in an airtight container at room temperature for up to 3 days or in the refrigerator for up to 10 days.
- Baked and cooled bread can be frozen for up to 3 months. Thaw in the refrigerator overnight.
Recipe Notes
- Cup measurements are not given for the bananas because they are roasted in their skin. There's no way to measure them before roasting. Choose the largest bananas when shopping for this recipe and you should have great results.
- Place the roasted banana in the refrigerator to speed up the cooling process.
- Greek yogurt or sour cream can be used in place of buttermilk.
- Loosely tent aluminum foil over the bread if the top begins to brown too much before the center is done.
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