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!
LOW CARB CREAM CHEESE PUMPKIN BREAD RECIPE
A delicious low carb cream cheese pumpkin bread. This gluten free bread has a sweet and creamy filling made with cream cheese. It’s a fabulous treat.
While eating a pumpkin bread I made recently made with coconut flour, I was reminded of a delicious cream cheese filled pumpkin bread I made a few years back. I went through my recipe files and was able to find that old recipe.
Although the cream cheese filling was one of the things I liked best, the spice mixture of the bread was also just right. The spice blend was something that needed a bit more tweaking in the low carb coconut flour version.
A delicious low carb pumpkin bread filled with cream cheese. This gluten free bread has a sweet and creamy filling made with cream cheese. It's a fabulous treat.
Ingredients
- 1 package cream cheese 8 ounce
- 1/4 cup powdered erythritol or Swerve confectioners
- 1/4 teaspoon stevia extract powder
- 1 tablespoon coconut flour
- 1 egg
- 1 teaspoon orange or lemon extract
- 1 2/3 cups almond flour
- 1 1/2 teaspoon baking powder
- 1/2 teaspoon salt
- 1/2 teaspoon ground cinnamon
- 1/2 teaspoon ground cloves
- 1/2 teaspoon pumpkin pie spice
- 1 cup pumpkin puree
- 1/2 cup vegetable or coconut oil
- 5 eggs
- 3/4 cup powdered erythritol or Swerve confectioners
- 3/4 teaspoon stevia extract powder
Instructions
- Preheat oven to 325 degrees F (165 degrees C). Lightly grease or spray two loaf pans.
- In a medium bowl, combine cream cheese, 1/4 cup powdered erythritol, 1/4 teaspoon stevia extract, 1 tablespoon coconut flour, 1 egg and orange extract; beat until smooth. Set aside. In a separate bowl, combine 1 2/3 cup almond flour, baking powder, salt, cinnamon, cloves and pumpkin pie spice; set aside
- Place pumpkin, vegetable oil, 5 eggs 3/4 cup erythritol and 3/4 teaspoon stevia extract in a large bowl; beat well. Stir the pumpkin mixture into the flour mixture just until combined. Pour 1/4 of the pumpkin batter into each loaf pan. Spoon cream cheese mixture on top of this layer and then pour about 1/4 batter over each cheese layer.
- Bake in preheated oven for 50 to 60 minutes, or until a toothpick inserted into center of the loaf comes out clean. Cool bread in pans for 10 minutes before removing to a wire rack to cool completely.
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