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!
DARK CHOCOLATE PEANUT BUTTER BANANA BITES
Dark Chocolate Peanut Butter Banana Bites are quick, easy and healthy dessert recipe that can be made ahead of time!
When trying to come up with a healthy dessert recipe to make with my sister, I stumbled across these dark chocolate peanut butter banana bites. They’re the perfect snack to pop after dinner when you need to satisfy a sweet tooth! Plus, with just three ingredients, they’re super easy to make and healthy.
The only hard part about making these delicious bites is transferring the peanut butter between the banana slices. I recommend spraying a teaspoon with cooking spray to drop dots of peanut butter. You can also try putting the peanut butter in the freezer for just a short time so it hardens just enough to handle.
These Dark Chocolate and Peanut Butter Banana Bites are also a fun recipe to make with kids or friends. Don’t be afraid to make a mess. That’s what paper towels are for.
Next time you need an easy and healthy dessert recipe, give these Dark Chocolate Peanut Butter Banana Bites a try. I hope you love them as much as I do!
INGREDIENTS
- 2 MEDIUM RIPE BANANAS
- 1/4 CUP CREAMY NUT BUTTER OF YOUR CHOICE
- 3/4 CUP BAKING CHOCOLATE (I USE DARK CHOCOLATE CHIPS BUT YOU CAN ALSO USE SEMI SWEET CHOCOLATE CHIPS)
- 1 1/2 TABLESPOONS COCONUT OIL
INSTRUCTIONS
- COVER A BAKING SHEET WITH PARCHMENT PAPER. SLICE EACH BANANA INTO THIN SLICES AND ARRANGE HALF THE PIECES ON THE BAKING SHEET.
- SPREAD PEANUT BUTTER ONTO EACH BANANA SLICE, THEN COVER EACH SLICE WITH ANOTHER SLICE. PLACE IN THE FREEZER FOR ABOUT 30 MINUTES OR UNTIL FROZEN.
- PLACE THE COCONUT OIL IN A MICROWAVE SAFE BOWL AND MICROWAVE UNTIL MELTED. STIR IN THE CHOCOLATE, AND CONTINUE TO MICROWAVE UNTIL SMOOTH. USE A FORK OR SPOON TO COVER EACH BANANA BITE IN CHOCOLATE, THEN PLACE BACK ON THE SHEET. FREEZE FOR ONE HOUR AND ENJOY!
- STORE IN FREEZER AND THAW FOR A FEW MINUTES BEFORE EATING.
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