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!
Banana Bread Scones with Maple Glaze
You know those days when nothing is going according to plan? When there are 400 chores to be done and more being created every moment and still nothing is going right?
Today was one of those days.
And that is 100% ok. Because the chores will always be there. There will always be laundry to be done or a shelf to be dusted, but today was my friends first 5k. And I wanted to be there to cheer them on. So, we dropped the chores and the work and drove down to be there to help them celebrate. I am so proud of them and can’t wait to see where they go from here! Totally worth ditching the chores.
Banana Bread Scones with Maple Glaze Recipe
Ingredients- 2 very ripe bananas
- 2-4 tbs milk, plus 2 tbs
- 4 oz plain low-fat Greek yogurt
- 2 1/2 cups flour
- 4 tbs sugar
- 2 teas baking powder
- 1/2 teas salt
- 1 teas cinnamon
- 4 tbs unsalted butter, cut into 1/4" pieces
- 1/2 cup chopped walnuts
- 1 tbs real maple syrup
- 1/4 teaspoon vanilla
- 1/4-1/2 cup confectioners' sugar
Instructions- In a bowl, mash the bananas with a fork to equal one cup (and add a bit of milk if needed to fill to one cup, or some more banana if you have another about). Mix in the Greek yogurt; Set aside.
- In another large bowl, whisk the flour, sugar, baking powder, salt, and cinnamon. With your fingers, work the butter into the flour mix until it resembles fine crumbs and no large pieces remain.
- Stir in the banana mixture until just combined. Fold in the nuts.
- On a piece of wax paper, lightly dusted with flour, form the dough into a 9" disk about 1" thick. Top with a light sprinkle of flour and another sheet of wax paper. Place in freezer for 30 minutes.
- Meanwhile, preheat the oven to 400 degrees F.
- When ready to cook, remove the top piece of wax paper, slice the dough into 8 equal pieces and slides each out a bit to give each piece some room to grow as it bakes. Place the dough, still on the wax paper, onto a baking sheet. Bake 25 to 30 minutes, until scones are a light golden brown.
- Remove from oven and let cool completely on a wire rack.
- Whisk the maple syrup, vanilla, and confectioners' sugar together to form the glaze. Add more sugar if needed to thicken. Drizzle over the scones.
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