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!
cinnamon roll greek yogurt pancakes
These light and fluffy Cinnamon Roll Greek Yogurt Pancakes are sure to keep you satisfied all morning with over 20g of whole food protein! They’re gluten-free thanks to the oats, whipped up in the blender in under 5 minutes, and taste JUST like a warm cinnamon roll!
Ingredients
- For the pancakes:
- 1/4 cup (60 g) plain Greek yogurt
- 1/2 cup (40 g) rolled oats*
- 1/2 tsp baking powder
- 2 large egg whites OR 1 large egg
- 1-2 Tbsp (15-30 ml) unsweetened almond milk**
- 1/2 tsp vanilla extract
- For the cinnamon sugar filling:
- 1 Tbsp (15 ml) coconut oil, melted***
- 1 tbsp (12 g) coconut palm sugar****
- 1/2 tsp ground cinnamon
- For the vanilla frosting:
- 1 Tbsp (7 g) vanilla protein powder
- small amount of unsweetened almond milk (I used about 1/2 Tbsp)
Directions
- Preheat a skillet over medium heat and generously coat it with cooking spray or oil. You want to make sure that it's nice and hot before you start cooking your pancakes.
- Add all the pancake ingredients to a blender in the order listed and blend on high until oats are fully broken down and batter is smooth and frothy. Allow the batter to sit for a few minutes so that it has a chance to thicken up while you make the cinnamon swirl - simply mix all the ingredients together in a small bowl and place it beside the stove.
- Pour the batter straight from the blender onto the skillet until desired size of pancakes is reached. Cook the pancakes until the edges have set and bubbles begin to form on the tops. Using a spatula, flip and cook for another 1-2 minutes.***** Repeat until all the batter is gone, making sure to coat your skillet again with oil between each batch.
- To assemble, spread a small amount of cinnamon sugar filling on one of the pancakes before placing another pancake on top. Spread that one with more of the filling, and repeat the process until all the pancakes are stacked. To make the frosting, mix the protein powder with enough almond milk to get it to the consistency you want. Pour it over the pancake stack and enjoy!
Notes
* make sure to use certified gluten-free oats if you need these to be gluten-free.
** start with 1 Tbsp (15 ml) of almond milk and only add a second if you feel the batter is too thick.
*** you can also use melted butter.
**** you can also use brown sugar.
***** if you find that you're having a hard time getting the insides of the pancakes to fully cook, cover your skillet with a lid while they cook.
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