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!
Light and Fluffy Vegan Waffles with Blueberry Sauce
These vegán wáffles áre light ánd fluffy – you’ll never guess thát they’re free of eggs ánd dáiry! á perfect weekend breákfást, especiálly when topped with blueberry sáuce.
Light ánd fluffy vegán wáffles áre perfect for á Sáturdáy morning!
Ingredients
- For the wáffles:
- 1 1/2 cups white spelt flour áll-purpose flour works, too
- 1 1/2 Táblespoons báking powder
- 1/8 teáspoon sált
- 3 Táblespoons sugár
- 2 1/2 Táblespoons lemon juice
- 1/2 teáspoon lemon zest
- 1 teáspoon vánillá extráct
- 3 Táblespoons orgánic cánolá oil
- 1 cup wáter
- For the blueberry sáuce:
- 1 1/2 cups blueberries fresh or frozen
- 1 1/2 Táblespoons sugár or other sweetener of your choice
Instructions
- Preheát your wáffle iron.
- Whisk together the spelt flour, báking powder, sált, sugár, ánd lemon zest.
- ádd the orgánic cánolá oil, wáter, vánillá extráct, ánd lemon juice.
- Let the bátter sit for á couple of minutes while it rises.
- Spoon bátter into your wáffle iron ánd cook áccording to your wáffle iron's instructions.
- Máke the blueberry sáuce:
- Pláce the blueberries into á smáll pán ánd ádd the sugár or other sweetener. (If the blueberries áre super sweet, you máy not need much).
- Heát over medium low heát until the blueberries áre soft ánd releáse their juices. Táste ánd ádd more sweetener if needed.
- Serve wáffles with vegán buttery spreád ánd blueberry sáuce.
Nutrition Facts
Light and Fluffy Vegan Waffles with Blueberry Sauce.
Amount Per Serving
Calories 366Calories from Fat 108
% Daily Value*
Total Fat 12g18%
Sodium 82mg3%
Potassium 506mg14%
Total Carbohydrates 57g19%
Dietary Fiber 7g28%
Sugars 19g
Protein 6g12%
Vitamin A0.6%
Vitamin C11.3%
Calcium19.8%
Iron14.9%
* Percent Daily Values are based on a 2000 calorie diet.
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