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!
Fluffy Gluten Free Waffles
The perfect fluffy gluten free waffles made with yogurt and just a touch of sugar, with a lightly crisp outside.
Is it pancakes all the way for you, or are waffles more your style? In my family, when I make pancakes I’m kind of a hero. But when I make waffles, my kids practically throw me a ticker tape parade. I’m thinking it’s the built-in syrup cups in waffles?
INGREDIENTS
- 2 cups (280 g) gum-free gluten free flour blend (185 g superfine white rice flour + 62 g potato starch + 33 g tapioca starch/flour)
- 1/4 teaspoon xanthan gum
- 2 tablespoons (24 g) sugar
- 1 1/2 teaspoons baking powder
- 1/2 teaspoon baking soda
- 1/2 teaspoon kosher salt
- 2 eggs (120 g, out of shell) at room temperature, separated
- 3 tablespoons (42 g) virgin coconut oil, melted and cooled (or a neutral liquid oil, like vegetable or canola)
- 1 cup (227 grams) plain whole milk yogurt
- 6 fluid ounces milk, at room temperature
DIRECTIONS
- Preheat and prepare your waffle iron according to the manufacturer’s directions.
- In a large bowl, place the flour blend, xanthan gum, sugar, baking powder, baking soda and salt, and whisk to combine well. In a separate bowl, whip the egg whites with a hand mixer (or in a stand mixer fitted with the whisk attachment) until stiff (but not dry) peaks form. Place the egg yolks and oil in a separate large bowl and blend with a hand mixer (or in a stand mixer fitted with the paddle attachment) until creamy. Add the yogurt and milk, and blend until well combined. Add the dry ingredients, and blend again. The mixture will be smooth and thickly pourable. Fold the beaten egg whites gently into the large bowl of batter until only a few white streaks remain.
- Pour or scoop about 3/4 to 1 cup of batter into your prepared waffle iron (more or less depending upon the size and shape of your iron), and spread the batter into an even layer. Close the lid and cook until steam stop escaping from the waffle iron, between 4 and 5 minutes, depending again upon the capacity of your waffle iron. Remove the waffle from the iron and serve immediately. Repeat with the remaining batter.
- If you do not serve each waffle as soon as it is made, refresh the waffles by placing them in a toaster oven at 400°F for about 3 minutes. Waffles can also be cooled completely, wrapped tightly and frozen, then defrosted and refreshed in a similar manner before serving.
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