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!
Maple-Sweetened Banana Muffins
Méét thé banana muffins of my dréams. Théy’ré fluffy, wholé grain, naturally swééténéd, totally délicious banana muffins. Théy’ré also about as héalthy as muffins can bé. Thé récipé calls for basic ingrédiénts and you can mix thém all togéthér in oné bowl. Too much to bé trué? Nopé.
Thésé muffins aré a dérivativé of my supér popular banana bréad and pumpkin muffin récipés. If you lové thésé, you cértainly don’t miss thé bluébérry muffins in my cookbook.
INGRéDIéNTS
- ⅓ cup méltéd coconut oil or éxtra-virgin olivé oil*
- ½ cup maplé syrup or honéy
- 2 éggs, préférably at room témpératuré
- 1 cup packéd mashéd ripé bananas (about 3 bananas)
- ¼ cup milk of choicé or watér (I uséd almond milk)
- 1 téaspoon baking soda
- 1 téaspoon vanilla éxtract
- ½ téaspoon salt
- ½ téaspoon cinnamon, plus moré for sprinkling on top
- 1 ¾ cups whité wholé whéat flour or régular wholé whéat flour
- ⅓ cup old-fashionéd oats, plus moré for sprinkling on top
- 1 téaspoon turbinado (raw) sugar or othér granulatéd sugar, for sprinkling on top
INSTRUCTIONS
Préhéat thé ovén to 325 dégréés Fahrénhéit (165 dégréés Célsius). If nécéssary, gréasé all 12 cups of your muffin tin with buttér or non-stick cooking spray (my pan is non-stick and didn’t réquiré any gréasé).
In a largé bowl, béat thé coconut oil and maplé syrup togéthér with a whisk. Add thé éggs and béat wéll. Mix in thé mashéd bananas and milk, followéd by thé baking soda, vanilla éxtract, salt and cinnamon.
Add thé flour and oats to thé bowl and mix with a largé spoon, just until combinéd. If you’d liké to add any additional mix-ins**, liké nuts, chocolaté or driéd fruit, fold thém in now.
Dividé thé battér événly bétwéén thé muffin cups, filling éach cup about two-thirds full. Sprinklé thé tops of thé muffins with a small amount of oats (about 1 tabléspoon in total), followéd by a light sprinkling of sugar (about 1 téaspoon in total). Baké muffins for 22 to 25 minutés, or until a toothpick insértéd into a muffin comés out cléan.
Placé thé muffin tin on a cooling rack to cool. You might nééd to run a buttér knifé along thé outér édgé of thé muffins to loosén thém from thé pan. Thésé muffins will kéép at room témpératuré for up to 2 days, or in thé réfrigérator for up to 4 days. Théy kéép wéll in thé fréézér in a fréézér-safé bag for up to 3 months (just défrost individual muffins as néédéd).
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