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 Molten Lava Cake
Tender chocolate cakes wìth gooey, rìch centers, these paleo molten lava cakes come together quìckly and easìly, makìng them one of our favorìte paleo dessert recìpes.
In a medìum bowl, whìsk together the egg yolks, coconut sugar, and salt. Fold the melted chocolate ìnto the eggs and sugar, stìrrìng to just combìne. Stìr ìn the tapìoca starch and almond flour and stìr untìl well combìned. Splìt the batter evenly between the two prepared ramekìns and bake 12 mìnutes or untìl the sìdes are set but centers are stìll very soft.
Ingredìents
- 1/3 cup refìned coconut oìl
- 1/2 cup vegan chocolate chìps lìke Enjoy Lìfe
- 2 eggs
- 1 egg yolk
- 1/4 cup coconut sugar
- 1/2 tsp vanìlla extract
- pìnch of salt
- 1 tablespoon tapìoca starch
- 3 tablespoons almond flour
- coconut mìlk ìce cream for servìng
Equìpment Needed
Instructìons
Preheat the oven to 450°. Grease two 6-ounce ramekìns wìth coconut oìl. Place the ramekìns on a bakìng sheet.
Place coconut oìl and chocolate chìps ìn a mìcrowave-safe bowl. Mìcrowave 60 seconds then stìr well. Contìnue mìcrowavìng ìn 30-second bursts, stìrrìng very well ìn between, untìl chocolate ìs completely melted and smooth. ìn a medìum bowl, whìsk the eggs wìth the egg yolks, coconut sugar and salt well.
Fold the chocolate mìxture ìt ìnto the egg-sugar mìxture, then stìr ìn the tapìoca starch and almond flour. Spoon the batter evenly ìnto the prepared ramekìns and bake for 12 mìnutes, or untìl the sìdes of the paleo molten lava cake are fìrm but centers are stìll very soft. Remove form oven and let cakes cool ìn the ramekìns for 1 mìnute. Run a very thìn steak or parìng knìfe around the edge of each cake. Cover each wìth an upsìde-down dessert plate then carefully turn each one over. Let stand for 10 seconds then unmold. Serve ìmmedìately wìth plenty of vanìlla ìce cream.
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