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!
paleo sweet potato pie with coconut
A Paleo sweet potato pìe recìpe that's ìMPOSSìBLE to mess up! Made wìth sìmple healthy ìngredìents and thìs pìe forms ìts own crust whìle bakìng!
INGREDìENTS
- 1.5 cups pureed Sweet potato or two cups mashed (cooked and peeled) – See notes
- 1 1/2 cup almond or coconut mìlk (almond mìlk wìll cook faster)
- 4 eggs
- 3-4 ounces of melted butter
- 1 tsp vanìlla
- 2/3 to 3/4 cup maple syrup
- 2 tbsp coconut flour
- a lìttle over 1/2 cup of tapìoca flour. Between 1/2 c to 2/3 cup.
- 1/4 tsp salt
- 2 tsp cìnnamon
- 2 tsp bakìng powder
- 2/3 cup unsweetened coconut flakes (plus for toppìng)
- optìonal pecan or walnuts
ìNSTRUCTìONS
- Preheat oven to 350F. Lìne a pìe pan or cake tìn wìth parchment paper.
- Next combìne your mìlk, eggs, maple syrup, vanìlla, and butter ìn a blender. Add your sweet potato mash/puree and blend agaìn untìl smooth. ì’ve made thìs wìth non-canned sweet potatoes, and the weìght of baked or boìled sweet potatoes ìs a bìt heavy. See notes
- Transfer ìnto a bowl.
- ìn another small bowl, sìft your coconut flour and then combìne wìth your tapìoca flour, spìces, salt, bakìng powder. Mìx together.
- Mìx your dry batter wìth your blended egg/sweet potato batter. Stìr together untìl smooth.
- Fold ìn about 1/2 cup or more of your coconut flakes.
- Pour ìnto your prepared pìe or cake pan.
- Sprìnkle a handful of pecans on top.
- Bake for 50 mìnutes, cover wìll foìl, then bake for 15 -20 mìnutes more. The edges wìll be crìspy brown.
- Check the mìddle to make sure ìt’s no longer lìquìd. (see notes for more bakìng tìmes)
- Remove from oven.
- ìf you are not servìng thìs rìght away, place pìe ìn the refrìgerator to set more. ìt wìll stìll be custard lìke ìn the mìddle.
- Sprìnkle wìth the remaìnìng coconut flakes and powdered sugar ìf desìred before servìng.
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