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!
one bowl greek yogurt apple oat bread
This one bowl Greek yogurt apple oat bread is made without butter or oil, but so tender and flavourful that you’d never be able to tell it’s healthy! Naturally sweetened with plenty of apple cinnamon flavour, it makes a comforting and delicious breakfast or snack!
Ingredients
- 2 large eggs
- 1/2 cup (120 ml) unsweetened applesauce
- 1/2 cup (115 g) plain 2% Greek yogurt
- 6 Tbsp (75 g) coconut palm sugar*
- 1 tsp vanilla extract
- 3/4 cup (60 g) quick oats
- 1 tsp baking soda
- 1 tsp ground cinnamon
- 1/4 tsp ground nutmeg
- 1/4 tsp salt
- 1 cup (120 g) whole wheat pastry flour**
- 1 medium-size apple, peeled, shredded and lightly squeezed of excess juice*** (115 g or 1 cup)
Directions
- Preheat your oven to 350ºF (176ºC), and lightly grease a 9 x 5 (23cm x 13cm) loaf pan or line it with a sheet of parchment paper. Set aside.
- In a large mixing bowl, lightly beat the eggs until the yolks break apart. Whisk in the applesauce, yogurt, sugar, and vanilla, mixing until smooth.
- Stir in the oats, baking soda, spices, and salt. Spoon in the flour and give it a few stirs before adding in the shredded apple. Fold everything together gently until just combined.
- Transfer the batter to the prepared loaf pan, spreading it out evenly, and top with a sprinkle of coconut sugar if you like things a little sweeter. Bake for 45-50 minutes, or until a toothpick inserted into the center comes out clean. If you find the top browning too quickly, make a little tent out of aluminum foil, and lightly place it over the top of the pan at around 25 minutes.
- Remove the bread from the oven and let it cool in the pan for about 10 minutes before transferring it to a cooling rack to cool completely.
Notes
* You can also use brown sugar.
** You can also use all-purpose flour, or use a mix of all-purpose and whole wheat. I'd probably go 1/2 cup (60 g) all-purpose and 1/2 cup (60 g) whole wheat. I've also had readers say that an all-purpose gluten-free mix works as well.
*** I like to place a handful of shredded apple between two paper towels and lightly squeeze it over a bowl. This drains it of just the right amount of juice to allow the bread to cook properly.
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