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!
HEALTHY FLOURLESS LEMON POPPY SEED BREAKFAST CAKE
A delicious healthy flourless lemon poppy seed breakfast cake with a subtle tang of citrus from the lemon! The light and fluffy filling is studded with poppy seeds, with a tender exterior- It’s naturally gluten free, vegan, dairy free and sugar free, with a tested paleo option- Even the frosting is healthy too!
Not even kidding you guys- this went on for at least five minutes. I pretty much had to tell my mum that her cooking was better than an Indian buffet and that the Persians invented everything. Only then did she tell me the lemon rind and lemon juice proportions in her lemon poppy seed loaf.
inggredient
For the Gluten Free/Vegan/Flourless version
- 2 cups gluten free rolled oats, ground into a flour
- 1/2 cup coconut palm sugar (use stevia or a sugar free baking blend to keep sugar free)
- 1 T baking powder
- pinch sea salt
- 1/4 cup poppy seeds
- 3/4 cup + 2 T dairy free milk
- 2 T lemon juice
- 2 T lemon zest
- 1 flax egg (can sub for 1 large egg if not vegan)
- 1 tsp vanilla extract
- 6 T nut butter of choice, melted (I used smooth almond butter)
For the Paleo option
- 1/2 cup coconut flour
- 1 cup unsweetened applesauce
- 1/2 tsp baking soda
- 1/4 cup maple syrup (can sub for honey or agave)
- 1/4 cup cashew butter (can sub for almond butter or coconut oil)
- vanilla extract
- 1/4 cup poppy seeds
- 1 T lemon juice
- 1 T lemon zest
- 4 large eggs, whisked lightly
For the protein frosting
- 3 scoops vanilla protein powder (see SHOP page on the menu bar)
- 1-2 T granulated sweetener of choice (optional)
- 1-2 T nut butter of choice (optional)
- Dairy free milk to form batter
- For the coconut butter frosting
- 4-6 T coconut butter, melted
- 2 T granulated sweetener of choice
- Dairy free milk to thin out
For the basic cream cheese frosting
- Dairy free cream cheese (can sub for any cream cheese)
- 2 T granulated sweetener of choice
- pinch cinnamon
Instructions
- Preheat the oven to 350. Grease a loaf pan with cooking spray and set aside.
- In a large mixing bowl, combine the dry ingredients and mix well. Add the lemon zest and poppy seeds and set aside.
- In a small bowl, whisk the milk, lemon juice, vanilla extract and egg/flax egg. Pour into the dry mixture. Add the melted nut butter (and honey and applesauce for paleo option) and mix very well until a batter is formed.
- Transfer the batter to the loaf pan or baking dish. Bake for 25-35 minutes, depending on your oven (Paleo option can take up to 50 minutes!), or until golden brown on top and a toothpick comes on clean. Remove from oven and allow to cool completely before serving or frosting, if desired.
- To make the frostings (Except for the cream cheese one)
- Combine all the ingredients and using a tablespoon, add dairy free milk until a thick, firm batter is formed. For the cream cheese one, allow to sit at room temperature until it softens. Mix with granulated sweetener and cinnamon.
Notes
Breakfast cake is freezer friendly- It's best kept in the refrigerator. If you decide to use the frosting(s), it's best to keep them separate.
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