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!
Lemon Zucchini Bread
Lemon Zucchini Bread is a lovely quick bread perfectly suited for summer. This recipe is moist, tender and packed with luscious lemon flavor. Oh, and did I mention it’s gloriously covered in two glazes?
INGREDIENTS
- 1 Cup Granulated Sugar
- 1/2 Cup Vegetable Oil
- 1 Large Egg Lightly Beaten
- 1 Tablespoon Lemon Extract
- 2 Tablespoon Fresh Lemon Zest
- 1 Cup Zucchini Shredded
- 1 1/2 Cup All-Purpose Flour
- 1/2 Teaspoon Salt
- 1/2 Teaspoon Baking Soda
- 1/4 Teaspoon Baking Powder
- LEMON SYRUP:
- 1/4 Cup Granulated Sugar
- 1/4 Cup Fresh Lemon Juice
- LEMON GLAZE:
- 1 Cup Powdered Sugar Sifted
- 2-4 Tablespoon Fresh Lemon Juice
INSTRUCTIONS
- Preheat oven to 325 degrees. Spray an 8 X 4 inch loaf pan with nonstick cooking spray.
- Make the Bread; In a large mixing bowl, mix together sugar, vegetable oil, egg, lemon extract and lemon zest. Fold in zucchini. Set aside.
- In another mixing bowl, whisk together flour, salt, baking soda, and baking powder. Add the flour mixture to zucchini mixture in 2 additions, mixing just until the flour is moistened. Do NOT overmix.
- Pour batter into prepared pan. Bake in preheated oven for 45 minutes or until a toothpick inserted into the center comes out with just a few moist crumbs.
- Make the Lemon Syrup while bread is baking. In a small saucepan, cook the sugar and lemon juice over low heat until the sugar dissolves. When the cake comes out of the oven, generously brush the top with the lemon syrup. Allow the cake to cool in it's pans for 10 minutes, glazing the tops a few more times while it cools in the pan. Remove the cake from the loaf pan and set it on a wire rack, set over baking tray or a piece of aluminum foil, to catch drips. Brush the sides and top of the cake with the remaining syrup, allowing a couple of minutes between brushings, to allow syrup to absorb into cake, until the syrup is gone. Cool the bread completely.
- Make the Lemon Glaze; In a small mixing bowl, mix together powdered sugar and 2 tablespoon lemon juice until smooth. Add more lemon juice, a teaspoon or so at a time, as needed to reach a thick but pourable consistency. Pour the glaze over the bread. Let the it sit out at room temperature until the glaze has dried well.
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