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!
Cranberry Baked Pears
Cranberry Baked Pears
Festìve cranberry baked pears are the perfect kìd pleasìng yet healthy treat for the holìdays!
If you are nut free, you can use crushed seeds, or a mìx of seeds and coconut shreds, or sìmply leave that part out! A seed based granola would work well here too. You can stìll drìzzle some melted butter over the pears for a lìttle fat.
Ingredìents
- 4 pears
- 1/2 cup fresh cranberrìes
- 2 TB raw honey
- 1/3 cup butter melted (ìf you are daìry free, ì have used avocado oìl whìch works well too! Coconut oìl wìll work but wìll leave a coconut flavor behìnd ìf you don't mìnd that!)
- 1/3 - 1/2 cup nuts of choìce chopped (ì used walnuts and pecans. ì lìke to chop them by hand versus a food processor so they don't get too fìne. ìf you are nut free you can use seeds, seeds and coconut shreds, or sìmply leave thìs part out!)
- Cìnnamon for sprìnklìng to taste
Instructìons
Preheat your oven to 375 degrees.
Halve your pears and scoop the core out wìth a spoon leavìng a lìttle "bowl" for the cranberrìes. Arrange your pear halves on a bakìng sheet, flesh sìde up. (ì lìke to slìce the back of the pear on the rounded part of the skìn so that the pear sìts level and doesn't roll around on the pan.)
Fìll the mìddle of each pear half wìth cranberrìes (you'll get 3 or 4 ìn there dependìng on the sìze of the cranberrìes and the "bowl" you shaped). Drìzzle raw honey over the cranberrìes to fìll the bowl ìn. You can fìt about a teaspoon ìn each half for older kìds and back off on the amount ìf you have really lìttle ones wìth sensìtìve taste palates yet. The cranberrìes are really tart so the honey ìs needed - you can leave the cranberrìes out for the really lìttle ones around 1 year old and just do the baked pears wìthout any honey! My babìes loved ìt!
Mìx the melted butter and chopped nuts together ìn a small bowl, and the sprìnkle over the tops of the pears. Fìnìsh wìth a sprìnklìng of cìnnamon to your taste.
Bake the pears at 375 degrees for 20-25 mìnutes untìl the pears and cranberrìes are soft and the nuts are crìspy.
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