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!
A Recipe for Healthier Coconut Brownies
These coconut brownies are to die for–yes, I said to. die. for. They’re moist, full of chocolate and coconut, and rich enough that one brownie is a satisfying serving.
They also have no flour and no added sugar. The flour and sugar have been replaced with black beans, gluten free oats, and Sweetleaf stevia. Sweetleaf is the brand we prefer in our NorCal Margaritas and what I use in my iced tea. They have 21 different flavors and my most recent love is coconut!
My friend Be has a great recipe on her site for black bean brownies, and I decided to try them with coconut. They turned out so yummy! Here is Be’s original recipe with my additions.
INGREDIENTS :
- 1 15 ounce can of black beans (rinsed and drained)
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- 2 T cocoa powder
- 1/2 C oats (gluten free if needed)
- 1/4 t salt
- 1/2 C honey
- 1 t Sweetleaf Coconut flavored Stevia
- 1 C unsweetened shredded coconut
- 1/4 C coconut oil
- 1 T vanilla
- 1 t almond extract
- 1/2 t baking powder
- 1 bag dark chocolate chips
intructions :
1. Preheat oven to 350 degrees
2. Blend beans in a food processor until very smooth. I used my Vitamix and blended them as much as I could on high, then put them in a bowl and used a fork to mash the rest.
3. Add the rest of your ingredients (except for the chocolate chips) in the bowl
4. Blend until smooth
5. Stir in chocolate chips
6. Pour batter into a greased 8×8 pan and sprinkle coconut on top if you’d like
7. Bake at 350 degrees for 25-30 minutes or until a knife inserted into the center comes out clean (except for the melted chocolate chips)
8. Cool, then refrigerate.
My friend Be prefers these brownies cold, but I prefer them warm. I can’t wait to hear what you think!
Black Bean Coconut Brownies
Cutting your brownies into 20 servings, each serving contains:
Source:mycrazygoodlife.com
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