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!
HONEYCOMB CRUNCHIES.
Cadbury Crunchie is a favorite candy bar in South Africa, and was a personal favorite in my pre-vegan days. So I was delighted to find out that the honeycomb crunchie center is a cinch to duplicate! And it’s already vegan!
So all that is needed is to cover the honeycomb crunchie part in vegan dark chocolate and you have a fabulous vegan treat!
You also have to be a little careful when making this (well, when making anything that involves high heat levels really), because boiling sugar is a bit dangerous.
Honeycomb Crunchies RecipeChocolate Covered Honeycomb Crunchie bars – based on the Cadbury Crunchie candy bar, these gorgeous chocolate treats contain only 6 ingredients and are gluten-free, vegan and fabulously good!
INGREDIENTS- 1/4 cup + 2 Tbsp (123g) Golden Syrup (or sub any light colored syrup)
- 1 cup (200g) Sugar
- 2 Tbsp (30ml) Water
- 1 + 3/4 tsp Baking Soda
- 7 oz (200g) Vegan Dark Chocolate
INSTRUCTIONS- Line a baking tray with parchment paper and set it down next to the stove.
- Place the full amount of baking soda in a bowl next to the stove so it can all be thrown in at once when the time is right.
- Add the Golden Syrup, Sugar and Water to a pot and turn the heat on high.
- Stirring all the while, allow the sugar to thoroughly melt and begin bubbling away.
- Using a sugar thermometer, wait until the bubbling mix reaches 300 degrees fahrenheit and immediately move the pot off the heat.
- Throw all the baking soda in immediately and with a handheld whisk quickly whisk the baking soda in.
- Be wary as the mix will double or triple in size, so make sure you don’t get burnt.
- Pour the mix out onto the parchment paper and leave it be, don’t try to smooth it out or touch it with anything.
- Leave it to set and cool for an hour.
- Break into pieces.
- Melt the chocolate by placing it in a heat proof dish over a pot with boiling water at the bottom. Or microwave it in 30-second intervals bringing it out to stir every 30-seconds until melted.
- Roll the honeycomb crunchie pieces in the chocolate, using a fork to move it around and flip it over, and then place the chocolate covered pieces back onto the parchment paper.
- Place the tray containing the chocolate covered pieces into the refrigerator and allow the chocolate to set.
- And your honeycomb crunchies are ready to eat!
- Store in an airtight container in the refrigerator for the best results.
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