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!
CRISPY SALTED COCONUT COOKIES
These gluten-free thin and Crispy Salted Coconut Cookies have only four ingredients and are super easy to make. They’re always the first to disappear from the cookie tray!
Family favourite Crispy Salted Coconut Cookies!
It’s a cookie-baking weekend! I’ve suddenly been asked to make 6 dozen cookies for a bake sale so I’m considering all the options. This recipe for Crispy Salted Coconut Cookies is high on my list. Why? It’s quick and easy and these cookies have always been the first to disappear from the cookie tray. They’re perfect for those on a gluten-free diet, too.
TO MAKE THESE CRISPY SALTED COCONUT COOKIES
all you’ll need is:
- melted butter
- coconut
- eggs
- sugar
- and a few pinches of flaky sea salt
These thin salted coconut cookies are crispy on the outside and soft and chewy on the inside, just like prize-winning cookies should be. They also take top honors because they have that tiny hint of salt that cookie-lovers crave. Not only that, they’re gluten-free, making them definite winners in my books. Bake ahead and freeze.
These gluten-free Crispy Salted Coconut Cookies are topped with a light dusting of sea salt. They're the first ones to disappear from the cookie tray! Make ahead and freeze for unexpected company.
Course: Cookies and Bars
Calories per serving: 33 kcal
Author: Flavour & Savour
- 3 tbsp butter
- 2 1/2 cups unsweetened shredded/dessicated coconut
- 1 large egg, or 2 medium
- 2/3 cup sugar
- 1 - 1 1/2 tsp flaky sea salt like Fleur de Sel for garnish
Heat oven to 350°F and line two baking sheets with parchment paper.
Melt butter in a medium saucepan. Remove from heat and add the coconut. Mix well by hand until the coconut is well coated with the butter.
Beat the eggs with a mixer on medium speed just until blended. Add the sugar and beat on medium-high until the mixture is light-colored and fluffy. Combine the butter-covered coconut gently with the egg mixture and mix well.
Drop the batter by small spoonfuls about 1 1/2 inches apart onto the parchment-covered baking sheets and press down evenly to flatten.. Bake for 7-10 minutes until golden. Watch carefully as they will burn quickly.
Remove from the oven and immediately sprinkle the tops of each cookie with a pinch of flaky sea salt so that it will stick. Slide the entire sheet of parchment with the cookies intact onto a wire cooling rack so that the heat from the baking sheet won't continue to brown the bottom of the cookies.
As soon as they are cool, place in an air-tight container to maintain their crispness. These cookies freeze well.
Be sure to use shredded/dessicated coconut. Desiccated coconut has been dried so it contains much less moisture than flaked coconut. It will absorb more moisture than flaked coconut. Using flaked coconut in this recipe will not produce a crisp cookie.
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