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!
Homemade Cinnamon Swirl Bread
Homemade Cinnamon Swirl Bread
This homemade cinnamon swirl bread recipe is a family favorite and only requires a handful of basic ingredients. It’s soft and tender with the most unbelievably gooey cinnamon swirl inside!
Homemade cinnamon swirl bread is one of life’s greatest treasures. Hot & fresh out of the oven, the smell alone will captivate a large crowd. The bread is buttery soft and the hypnotizing swirls are deliciously sweet. There is nothing on earth quite like the craft of homemade bread!
Today I’m teaching you how to become a bread baking master. Follow my tips and soon you’ll be baking homemade croissants, bagels, and even star bread! With only a handful of basic ingredients, your kitchen will transform into a bread bakery.
- Prepare the Dough: The first step is to mix the bread dough. You need yeast, sugar, water, milk, butter, bread flour, and salt. The thing about homemade bread is that the ingredients are SO basic, but throw the word “yeast” in there and many feel intimidated. I promise it’s not difficult to throw this dough together. As long as you give the yeast, sugar, water, and milk a few minutes to sit before adding the other ingredients, you’re on the right track!
- Use Bread Flour: All-purpose flour doesn’t have enough strength to support the rise and structure of cinnamon swirl bread. Bread flour is sold right next to the all-purpose flour in the baking aisle and if you need some recipe inspiration with your leftover bread flour, try any of these recipes!
- First Rise: The dough must rise twice. After you prepare the dough, let it rise until doubled in size– about 90 minutes.
- Swirl the Dough: After the dough rises, punch it down, then roll it out. Sprinkle with cinnamon and sugar and roll back up.
- Second Rise: Place the rolled dough into a loaf pan and let it rest for 45 minutes.
- Bake: Pat yourself on the back because congratulations, you’re a bread baker with the simplest homemade cinnamon bread recipe in the world.
Ingredients
- 2 and 1/4 teaspoons (1standard package) active dry or instant yeast
- 1/2 cup (100g) granulated sugar, divided
- 1/2 cup (120ml) water
- 1/2 cup (120ml) whole milk
- 5 Tablespoons (72g) unsalted butter, softened to room temperature and divided
- 3 cups (390g) bread flour (plus more for your hands and work surface) (spoon & leveled)
- 1 teaspoon salt
- 2 teaspoons ground cinnamon
- 1/2 cup (75g) raisins (optional)
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