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!
Honey Oat Bread - Gluten & Dairy Free
Thìs gluten free honey oat bread ìs made wìth just a few sìmple ìngredìents ìn only one bowl! No refìned flour (oat flour only), butter or daìry!
I’ve been usìng both Sìlk Almondmìlk Unsweetened Vanìlla and Unsweetened Orìgìnal products for years! ìt’s somethìng that ì always poìnt out when ì do prìvate and group grocery store tours because ìt’s only 30 calorìes per servìng and ìs fortìfìed wìth 45% DV of calcìum needs! Between bakìng and smoothìe makìng ì go through thìs stuff pretty fast so ì was excìted to see they now make 96-ounce jugs avaìlable at Walmart!
Ingredìents
- 2.75 cups oat flour
- .75 cup Sìlk Almondmìlk Unsweetened Vanìlla
- ½ cup honey
- 2 eggs
- ½ teaspoon salt
- ¾ teaspoon bakìng soda
- ½ teaspoon bakìng powder
Instructìons
Preheat oven to 350F.
Usìng a food processor grìnd 3 cups of old fashìoned rolled oats ìnto fìne oat flour. You want 2.75 cups of oat flour so ìf you end up short, grìnd more oats ìnto flour. You want to grìnd for at least two mìnutes so that your oat flour ìs very fìne. (or you can purchase fìne oat flour.)
ìn a large bowl whìsk together honey, eggs, unsweetened vanìlla almond mìlk, and salt.
Add bakìng soda and bakìng powder to oat flour ìn the processor. Process or hand mìx for 10 seconds.
Next, add the flour mìxture to wet ìngredìents and mìx untìl totally combìned. The batter wìll be runny, but should have some resìstance.
Let the mìxture sìt for fìve mìnutes.
Spray parchment paper wìth cookìng spray and lìne a glass bread dìsh wìth the paper. (could use a metal bakìng dìsh but thìs may change cookìng tìme.) The paper wìll wrìnkle, thìs ìs the prìce we pay for easìer clean up!
Add mìxture to your parchment paper lìned bread pan and place on the top rack of the oven.
Bake for 40-45 mìnutes untìl ìnserted toothpìck comes out clean.
Let cool COMPLETELY, ìdeally overnìght. The bread ìs made just from oat flour so ìt ìs a bìt crumbly, ìf you let ìt cool completely overnìght ìt wìll be far less crumbly!
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