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!
Healthier Carrot Cake Cupcakes (paleo option, grain-free, gluten-free)
Moist, lightly sweetened with honey and even a little fluffy, these grain-free and gluten-free healthier carrot cake cupcakes (or muffins!) are the perfect Easter treat. With a paleo and dairy-free option.
First up, if you prefer a grain-containing healthier carrot cake recipe, I have you covered! This 100% whole grain carrot cake is the best carrot cake I’ve ever had. Hands down.
So now that we’ve got the healthier carrot cake cupcakes out of the way, we need some healthier cream cheese frosting! This is the same cream cheese frosting recipe that I used in my last post on carrot cake scones.
It uses just a little maple syrup as sweetener. I really thought cream cheese frosting without powdered sugar was impossible but this maple syrup version was just as good! It’s quite thick so if you want to thin it out, just add some milk.
Ingredients
For the carrot muffins:
- 1 1/4 cups (125 grams) blanched almond flour
- 2 tablespoons (16 grams) coconut flour
- 1/2 teaspoon baking soda
- 1/8 teaspoon salt
- 1 1/2 teaspoons ground cinnamon
- 1/2 teaspoon ground ginger
- 1/4 teaspoon ground nutmeg
- 2 large eggs, room temperature
- 1/3 cup (75 grams) refined coconut oil, melted (if you use unrefined coconut oil there may be some coconut taste to the muffins)
- 1/3 cup (106 grams) honey
- 2 teaspoons vanilla
- 1/2 cup (50 grams) grated carrots
For the cream cheese frosting: (for paleo / dairy-free, use a half batch of this vegan "cream cheese" frosting)
- 2 ounces (56 grams) cream cheese
- 4 teaspoons maple syrup
- 1 1/2 teaspoons vanilla
- a dash of salt
- additional milk for thinning, if desired
Directions
- Preheat the oven to 350°F (175°C). Line a muffin tin with 8 muffin liners.
- In a medium bowl, mix together the dry ingredients (almond flour through nutmeg). Set this aside.
- In a large bowl, mix together the eggs, oil, honey, and vanilla.
- Add the dry mix to the wet mix just until combined and then gently fold in the grated carrots.
- Divide the batter evenly among the liners and bake for 17-20 minutes or until a toothpick inserted in the middle comes out clean.
- Let the muffins cool for 5 minutes in the pan and then remove to a wire rack to cool completely. Do not frost until completely cool!
- For the cream cheese frosting, mix everything together until thoroughly combined. If it's too thick for your liking, add a teaspoon of milk at a time until it's your desired consistency.
- Spread a thin layer on top of each cupcake or pipe it on. Do note that if you pipe it, you'll have some leftover if you pipe it as lightly as I did in the pictures.
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