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!
Carrot Apple Zucchini Bread Recipe
The frosting on this bread is really simple but spectacular at the same time. I have left it off many times because honestly, the bread doesn’t need it. That being said, it not only makes the bread look extra special, it adds a bit of sweetness that makes it extra appealing to everybody who tries it.
This Carrot Apple Zucchini Bread recipe is incredibly moist and flavorful! Vibrant colors from the carrot, apple, and zucchini makes this quick bread irresisitble! Sure to be a new favorite!
Ingredients
- 1 cup unsalted butter, melted
- 2 cups granulated sugar
- 3 eggs, room temperature
- ¼ cup fresh orange juice
- 1 tbsp vanilla extract
- 3¼ cups all-purpose flour
- ½ tsp salt
- 2½ tsp baking powder
- ¾ tsp baking soda
- 1 tsp cinnamon
- pinch of ground cloves
- pinch of ground nutmeg
- 2 cups shredded carrots
- 1 cup shredded zucchini
- 1 cup diced, peeled apple (Granny Smith, Fuji, whatever you have on hand)
- ½ cup pecans, chopped
- Cream Cheese Glaze/Frosting
- ½ cup cream cheese, softened
- ¼ cup butter, softened
- 2 - 3 cups powdered sugar
- 1-3 tbsp orange juice as needed
Instructions
- Preheat the oven to 350 degrees.
- Grease and flour two 8x4 inch loaf pans. Line with parchment paper and set aside. (I use the baking spray with flour in it.)
- Place zucchini in a large kitchen towel. Bring up the four corners and twist. Squeeze the towel to extract all the liquid from the zucchini, or as much as you can. Set aside.
- In a large bowl, whisk together flour, salt, baking powder, baking soda, cinnamon, cloves, and nutmeg together. Set aside.
- In a separate large bowl, whisk together the butter and sugar.
- Add eggs, orange juice, and vanilla and whisk until combined.
- Fold dry ingredients into wet ingredients along with the shredded carrots, shredded zucchini, apples, and pecans.
- Pour into prepared pans.
- Bake until golden brown, 55 to 60 minutes, or until loaves spring back when gently pressed with fingers.
- Let cool completely before icing.
- Cream Cheese Glaze/Frosting
- Cream together cream cheese and butter with a hand mixer.
- Add in 2 cups of powdered sugar and continue mixing. Drizzle in orange juice until desired consistency is achieved.
- Frost bread and enjoy!
NotesThe carrots and zucchini in this recipe are interchangeable. Feel free to use less or more of each. You just want three cups total.
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