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!
Pumpkin Mug Cake
An easy pumpkin mug cake that's also healthy, keto and low carb.
An easy pumpkin mug cake that’s also healthy, keto and low carb. Without the frosting it makes a great breakfast. With the frosting, a yummy dessert.
Ingredients
- Optional frosting:
- 2 oz cream cheese
- 1 tablespoon canned pure pumpkin puree
- 1/4 teaspoon stevia glycerite
- 1/8 teaspoon ground cinnamon
- 1/8 teaspoon pure vanilla extract
- Cake:
- 1 tablespoon unsalted butter
- 2 tablespoons pumpkin puree
- 1/4 teaspoon stevia glycerite (heaping)
- 1/2 teaspoon vanilla extract
- 1/2 teaspoon ground cinnamon
- 1 large egg
- 1.5 tablespoons coconut flour (11 grams)
- 1/4 teaspoon baking powder
Instructions
- If making frosting: Soften the cream cheese in the microwave, about 10 seconds. Mix in the remaining ingredients and whisk until smooth. Set aside.
- Place the butter in a 7oz ramekin. Melt in the microwave.
- Whisk in the pumpkin, stevia, vanilla and cinnamon. Add the egg and whisk to incorporate.
- Add the coconut flour and baking powder. Whisk until smooth, scraping the sides and bottom and making sure the batter is completely smooth, well incorporated and free of lumps. Especially check the bottom of the ramekin to make sure there are no unmixed areas there.
- Microwave for about 90 seconds, just until a toothpick inserted in center comes out clean.
- Gently remove from ramekin. Run a knife around the edges and slide a small rubber spatula under the bottom if needed. Turn the cake upside down to allow the bottom to air out and prevent sogginess. Allow to slightly cool.
- Enjoy the pumpkin cake as is, or frost it: slice in half crosswise. Frost the center, then the top. If you have enough frosting, you can frost the sides as well, as shown in the video.
- Cut into two servings and enjoy!
Notes
1. I use stevia glycerite in this recipe to keep it low carb. I like stevia glycerite because it lacks the bitter aftertaste typical to other stevia products. I believe that stevia is very safe, but in case you want to use another sweetener, here's a conversion chart. Please keep in mind that I only tested this recipe with stevia.
2. Depending on how sweet you like your desserts, you might enjoy this pumpkin mug cake better if you use 1/2 teaspoon stevia glycerite (which would equal 2 tablespoons of sugar).
3. If you need this recipe to be strictly gluten free, please use gluten free baking powder.
4. When I don't frost the cake, I eat the whole thing. Nutrition info for an unfrosted cake: Calories 238, fat 18g, saturated fat 10g, sodium 218mg, carbs 10g, fiber 5g, sugars 10g, protein 8g.
5. Video music credit: Bensound.
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