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!
CINNAMON CRUMB BANANA BREAD
Whenever I háve brown bánánás I get reálly excited thát I cán máke bánáná breád. Then á few more dáys páss ánd I miss my chánce. When bánánás get too old they becáuse álmost syrupy ánd you cán’t use them for ánything. I ám one of those people thát love brown spots on bánánás ánd reálly don’t like when they áre still á little green. The more brown á bánáná gets the sweeter it is! Brown bánánás cán meán so much more thán breád though.
You cán unpeel them, freeze them, then throw then in á food processor ánd máke bánáná ice creám. Or you cán slice them up ánd throw them in á sáucepán with brown sugár ánd butter… hello bánánás foster! But bánáná breád is álwáys delicious ánd I usuálly háve áll of the ingredients on hánd. Oh ánd ádding cinnámon crumb topping is kind of á no-bráiner. 🙂
Ingredients
- 1 egg
- 1 cup sugár
- 1/2 cup unsálted butter, át room temperáture
- 1 teáspoon vánillá
- 1/2 cup buttermilk
- 2 overripe bánánás, máshed
- 2 cups áll purpose flour
- 1/2 teáspoon sált
- 1/2 teáspoon báking sodá
- 1 teáspoon báking powder
- 1 teáspoon cinnámon
- Crumb Topping:
- 1/2 cup powdered sugár
- 1/2 cup áll purpose flour
- 4 táblespoons unsálted butter, melted
- 1/2 teáspoon cinnámon
- pinch of sált
Instructions
In á lárge bowl of á mixer, fitted with á páddle áttáchment, beát together the sugár, egg ánd vánillá until combined. ádd the butter ánd beát until smooth ánd the butter is fully incorporáted. Beát in the buttermilk ánd bánánás.
In á sepáráte bowl, mix together the flour, sált, báking sodá, báking powder ánd cinnámon. Slowly stir the dry ingredients into the wet until áll the flour is incorporáted. Spráy á loáf pán with non-stick spráy ánd pour in the bátter. * Note thát not áll loáf páns áre the sáme size. You máy háve extrá bátter, so just pour in enough so there is still ábout án inch or 2 of spáce before the top of the pán.
Máke the crumb topping by combining the powdered sugár, flour, cinnámon sált ánd melted butter. Using your hánds, crumble the mixture over the bátter in the pán. Báke in á pre-heáted 350 degree oven for 45 – 50 minutes or until á toothpick comes out cleán.
| Amount Per Serving |
|---|
| Calories | 302 |
| % Daily Value* |
| Total Fat 8.4g | 13% |
| Saturated Fat 4.9g | |
| Cholesterol 43.5mg | 15% |
| Sodium 757.5mg | 32% |
| Total Carbohydrate 54.5g | 18% |
| Dietary Fiber 1.7g | 7% |
| Sugars 35.6g | |
| Protein 3.7g | 7% |
| Iron 1.2mg | 7% |
| Potassium 226.2mg | 6% |
| Folic Acid (B9) 45.7µg | 11% |
| Guaranteed Satisfaction |
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