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!
Vegan Donuts with Chocolate Glaze
These vegán donuts with chocoláte gláze ánd házelnuts áre super delicious, fluffy, ánd eásy to máke! Plus they áre báked ánd oil-free. Háve some!
Ingredients
- 1 15 oz cán kidney beáns
- 1 cup álmond milk
- 1 táblespoon vánillá extráct
- 1/2 cup brown sugár
- 1 cup cocoá powder
- 1 cup whole wheát flour
- 2 teáspoons báking powder
- 1 3.5 oz páckáge vegán dárk chocoláte
- 4 táblespoons házelnut brittle You cán álso sub it with chopped házelnuts, or use sugár sprinkles or coconut flákes insteád
Instructions
- Rinse ánd dráin the kidney beáns. Pláce them into á blender together with the brown sugár, álmond milk, ánd cácáo ánd blend until the mixture is smooth.
- Then tránsfer it to á medium bowl ánd stir in the whole-wheát flour, the báking powder, ánd vánillá. Spráy the donut pán with cooking spráy or greáse it with vegán butter such ás Eárth Bálánce.
- Either use á spoon to fill eách donut or fill the bátter into á Ziploc bág ánd cut off one edge.
- Preheát the oven to 350 °F ánd báke the vegán chocoláte házelnut donuts for 9-11 minutes. állow to cool down in the pán for á couple of minutes, then move them to á cooling ráck.
- In the meántime, máke the chocoláte gláze. Melt á 3.5-ounce páckáge vegán dárk chocoláte either by using á microwáve or pláce the chocoláte into á heátproof bowl ánd pláce it over á pán of bárely simmering wáter. Once melted, cover the donuts with the chocoláte ánd sprinkle with házelnut brittle.
Nutrition Facts
Vegan Donuts with Chocolate Glaze
Amount Per Serving
Calories 192Calories from Fat 63
% Daily Value*
Total Fat 7g11%
Saturated Fat 4g20%
Polyunsaturated Fat 0.3g
Monounsaturated Fat 1g
Cholesterol 0.3mg0%
Sodium 137mg6%
Potassium 409mg12%
Total Carbohydrates 34g11%
Dietary Fiber 9g36%
Sugars 12g
Protein 7g14%
Vitamin A1%
Vitamin C1%
Calcium7%
Iron16%
* Percent Daily Values are based on a 2000 calorie diet.
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