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!
banana oat greek yogurt muffins
Made with no flour or oil, these Banana Oat Greek Yogurt Muffins make for a deliciously healthy breakfast or snack!
I used to be a meticulous planner. Lists. Schedules. Spreadsheets. Flow charts… The whole nine yards. Planning was my security blanket and helped keep the control freak in me from causing too much of a fuss. But no matter how carefully I planned things out, time and time again I realized that life takes one look at your carefully made plans and pretty much laughs in your face. Things have a way of happening whether you want them to or not.
Ingredients
- 1 cup (225 g) plain Greek yogurt
- 2 medium ripe bananas (200 g or 1 cup mashed)
- 2 large eggs
- 2 cups (160 g) rolled oats (old fashioned or quick)
- 1/4 cup (50 g) brown sugar
- 1 1/2 tsp baking powder
- 1/2 tsp baking soda
- 1/2 cup (85 g) chocolate chips, mini or regular
Directions
- Preheat oven to 400F (204C) and prepare a muffin pan by spraying the cavities with cooking spray or lining them with paper liners**. Set aside.
- Add all the ingredients except for the chocolate chips to a blender or food processor and process on high until the oats are broken down and batter is smooth and creamy. Stir in chocolate chips by hand.
- Pour batter into prepared muffin pan, filling each cavity until it is about 3/4 full. Optional: sprinkle a few chocolate chips over the top of each muffin.
- Bake for 15-20 minutes, until the tops of your muffins are set and a toothpick inserted into the middle comes out clean. Allow muffins to cool in pan for ~10 minutes before removing. Store in an air-tight container for up to a week.
Notes
** If using paper liners, you'll want to spray them with cooking spray as well, since the lack of oil in these muffins could make them stick to the liners after baking.
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