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!
BAKED PALEO ENERGY BARS
These one bowl baked paleo energy bars are the perfect snack! A mixture of ground nuts, seeds and a touch of maple syrup for a healthy portable bar on the go.
Don’t worry if they aren’t gorgeous. These Paleo energy bars are a more wholesome and rustic snack. The yummy factor is all that matters!
Hello, gorgeous! These freshly baked bars take on a beautiful golden color, firm up, and are very nice and crisp the first day. This is because the ingredients are very dry after baking. Once the bars are stored, the texture gets chewy yet still delicious.
These one-bowl baked paleo energy bars are the perfect snack! A mixture of ground nuts, seeds and a touch of maple syrup for a healthy portable snack bar.
INGREDIENTS
- 1/2 cup whole raw almonds
- 1/2 cup raw cashews
- 1/3 cup pepitas, (pumpkin seeds)
- 1/4 cup sunflower seeds
- 2 tablespoons whole flax seeds
- 1 tablespoon white sesame seeds
- 3 ounces dates, , pitted (about 5 dates)
- 2 tablespoons warm water
- 2 tablespoons pure maple syrup
- 1 large egg white
- 3/4 teaspoon kosher salt
INSTRUCTIONS- Set oven rack to the middle position. Pre-heat oven to 300°F.
- Line a baking sheet with foil.
- Add almonds, cashews pepitas, sunflower seeds, flax seeds and sesame seeds.
- Bake 15 minutes, stirring after 10 minutes. Roast ingredients until pale golden and fragrant.
- Transfer to a food processor, allow it to cool slightly. Pulse until coarsely chopped, about 5 pulses. Transfer to a medium-sized bowl.
- Process 3 pitted dates, warm water, maple syrup, egg white, and salt in the empty food processor until smooth. Scrape down sides of bowl as needed.
- Chop the remaining 2 pitted dates into small pieces, about 1/8-inch cubes. Add processed date mixture and chopped dates to the bowl with the nut mixture. Stir until well combined.
- Make a foil sling for an 8-inch square baking pan by folding 2 long sheets of aluminum foil, so each is 8-inches wide. Lay sheets of foil in the pan perpendicular to each other, with extra edges hanging over the pan.
- Push foil into corners and up the sides of the pan, smoothing foil flush to the pan. Lightly grease the foil (I used melted coconut oil).
- Spread energy bar mixture into prepared pan. Press firmly into an even layer using the bottom of a greased measuring cup.
- Bake bars at 300°F for 20 minutes, rotating the pan halfway through baking. Remove pan from oven. Do not turn off oven. Space bars evenly on a parchment paper lined sheet pan.
- Allow bars to cool in pan for 15 minutes. Using the foil sling, remove bars from pan, transfer to cutting board and cut into 10 bars.
- Bake until bars are a deep golden brown about 10 to 15 minutes. Let bars cool on a wire rack to room temperature, about 1 hour.
RECIPE NOTES
Energy bars will be crisp the first day, then get chewy when stored the next day. Bars can be stored at room temperature for up to 1 week.
Nutrition Facts
Baked Paleo Energy Bars
Amount Per Serving
Calories 133Calories from Fat 63
% Daily Value*
Total Fat 7g11%
Saturated Fat 1g5%
Polyunsaturated Fat 2g
Monounsaturated Fat 3g
Sodium 17mg1%
Potassium 95mg3%
Total Carbohydrates 15g5%
Dietary Fiber 2g8%
Sugars 11g
Protein 4g8%
Vitamin A1%
Vitamin C0.5%
Calcium2%
Iron7%
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