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!
HEALTHY GLUTEN FREE PUMPKIN BREAD
This Healthy Gluten Free Pumpkin Bread is packed full of delicious Fall flavors. Made with no refined sugar or wheat flour!
Ingredients
- 1 cup oat flour whole-wheat or white wheat flour if you are not needing gluten free
- 1/2 cup of almond meal flour
- 2 teaspoons cinnamon
- 1/2 teaspoon ground ginger
- 1/4 teaspoon nutmeg
- 1 teaspoon pumpkin pie spice
- 1/2 teaspoon baking soda
- 1 teaspoon baking powder
- 1/4 teaspoon salt
- 2 large eggs
- 1/4 cup coconut oil melted
- 1/4 cup of Greek Yogurt
- 1/4 cup maple syrup or honey
- 1 teaspoon vanilla
- 1 cup pumpkin puree
- ½ cup chopped tree nuts optional
Instructions
- Preheat oven to 350 degrees.
- Grease a loaf pan
- In a large mixing bowl, whisk together the dry ingredients
- IN a separate bowl, combine the pumpkin puree, maple syrup, eggs, greek yogurt, coconut oil and vanilla.
- Whisk together completely careful not to overmix.
- Fold in nuts if using
- Pour the batter into the loaf pan.
- Bake for 50 -60 minutes or until a toothpick inserted in the center comes out clean.
- Cover loosely with foil if top is browning too quickly.
- Store in an airtight container in the refrigerator.
- ENJOY!!
Nutrition Facts
Healthy Gluten Free Pumpkin Bread
Amount Per Serving
Calories 194Calories from Fat 99
% Daily Value*
Total Fat 11g17%
Saturated Fat 6g30%
Cholesterol 41mg14%
Sodium 146mg6%
Potassium 185mg5%
Total Carbohydrates 19g6%
Dietary Fiber 2g8%
Sugars 6g
Protein 5g10%
Vitamin A85.9%
Vitamin C1.4%
Calcium6.9%
Iron8.2%
* Percent Daily Values are based on a 2000 calorie diet.
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