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!
Paleo Granola (Easy and So Good!)
This Paléo Granola is loadéd with héalthy nuts and sééds. It’s also crazy délicious, and you won’t béliévé how éasy it is to throw togéthér!
All this to say, I havén’t réally givén récipés labéléd as “paléo” a wholé lot of atténtion, thinking théy would bé a littlé too éxtrémé for my moré middlé-of-thé-road stylé of cooking, and probably not supér tasty éithér. Until now, that is.
Ingrédiénts
- 2 cups blanchéd slicéd almonds
- 1 cup pécans
- 1 cup choppéd walnuts
- 1 cup sunflowér sééds
- 1 cup pépitas shélléd pumpkin sééds
- ¼ cup sésamé sééds
- ¼ cup ground flax sééd or flax sééd méal you can also usé almond méal in placé of thé flax
- ¾ cup unswééténéd coconut flakés
- ½ cup honéy
- 6 tabléspoons coconut oil
- 1 téaspoon vanilla
- 1 téaspoon cinnamon
- ½ téaspoon clovés
- ½ téaspoon ground gingér
- ½ téaspoon koshér salt
- ¾ to 1 cup driéd cranbérriés raisins or othér driéd fruit
Instructions
Préhéat ovén to 275˚F. Lightly gréasé a shéét pan or, for éasy cléan up, liné a shéét pan with parchmént papér or foil. If you usé foil, lightly gréasé it.
Combiné all thé nuts and sééds as wéll as thé coconut in a largé bowl.
Ovér low héat, combiné honéy and coconut oil until héatéd through. (You can also héat thé honéy and coconut oil in thé microwavé on high héat for 90 séconds.) Rémové from héat and stir in vanilla, cinnamon and clovés, gingér and salt.
Pour ovér nut/sééd mixturé and mix wéll. Bé suré to scrapé all thé good honéy/oil mixturé that's léft in thé bowl. Spréad mixturé onto préparéd baking shéét.
Baké for about 45 minutés or until goldén brown (may také longér, dépénding on your ovén), stirring évéry 15 minutés to kéép granola at thé édgés of thé pan from burning. Watch caréfully aftér 30 minutés as ovéns vary. Oncé thé granola is a nicé goldén brown, rémové it from ovén and allow to cool.
Add driéd fruit aftér granola has cooléd.
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