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!
strawberry cheesecake breakfast bake
Enjoy dessert for breakfast with this healthy strawberry cheesecake breakfast bake! It’s loaded with the delicious sweet and tangy flavour of a cheesecake, while having the awesome nutritional value of a bowl of oats. And it’s super easy to make gluten-free and vegan, so anyone can enjoy!
Ingredients
- 1/4 cup (20 g) rolled oats
- 2 Tbsp (14 g) oat bran*
- 2 Tbsp (15 g) flour of choice**
- 1/2 tsp baking powder
- pinch of salt
- 1/4 cup (60 ml) unsweetened almond milk
- 2 Tbsp (30 g) cream cheese, softened***
- 1 Tbsp (15 ml) sweetener of choice
- 1/2 tsp vanilla extract
- 1/4 cup (40 g) diced strawberries, fresh or frozen
- 1 tsp of graham cracker crumbs, for topping (optional)
Directions
- Preheat your oven to 350°F (176°C).
- In an individual sized (~16oz./500 ml) ramekin, combine the oats, oat bran, flour, baking powder, and salt. Set aside.
- In a small bowl or cup, combine the almond milk, cream cheese, sweetener, and vanilla, mixing until well combined. If you're having problems with your cream cheese incorporating, nuke it in the microwave for a few seconds so that it becomes more "melty."
- Add the wet ingredients to the dry ingredients, mixing until fully incorporated. Fold in the diced strawberries and sprinkle the graham cracker crumbs on top, if using.
- Bake for 20 minutes, until the centre has set and the bake has reached your desired consistency. Remove from the oven, add your favourite toppings, and enjoy!
Notes
* If you don't have oat bran, use an additional 2 tbsp (10 g) of rolled oats.
** I usually use an all-purpose or whole wheat flour, but this recipe works fine with most flours, including gluten-free and grain-free ones.
*** If you want to make this vegan, use a dairy-free cream cheese alternative.
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