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 2 INGREDIENT PANCAKES RECIPE
Simple, quick and easy to make. With just 2 ingredients, these pancakes are paleo, gluten-free, dairy free, grain free, and no sugar added. They come together in a few minutes and make the perfect healthy pancakes.
These 2 ingredients banana pancakes are one of his favorites. We’ve made them a few dozen times in the past year and every time we do, my husband says that he can’t believe it’s just eggs and bananas!
It’s hard to believe, isn’t it? Just an egg and a banana will make these moist and delicious pancakes. They literally take 30 seconds to prep and another minute to cook!
Here are some tips to get the perfect result each time you make the pancakes.- Because there’s no flour in the pancakes, there’s nothing holding the pancakes together so be sure to keep the pancakes small ( I use 2 tablespoons of batter per pancake)
- Be careful when flipping the pancakes, it helps to use a thin spatula.
- Add nuts, chocolate chips or any other toppings after the pancake is on the skillet.
Healthy 2 Ingredient Pancakes Recipe
(Paleo, Gluten & Dairy-Free, No Sugar added)
Ingredients
- 2 medium ripe banana
- 2 medium eggs
- Butter or oil for the pan
Optional extras:
- 2-3 tablespoons almond meal
- 1 tablespoon cocoa powder or protein powder
- 1/4 teaspoon baking powder for fluffy pancakes
- 1/4 teaspoon vanilla
- 1/4 cup chocolate chips or fresh berries
- pinch of cinnamon
Instructions
- Peel the banana and break it up into several big chunks in a bowl. gently mash the bananas into smaller chunks using a fork. Add the eggs to the mashed bananas and stir with the fork until you have a custard-like consistency. The batter will be runny and should have a few clumps of bananas. (optional: add 1/4 teaspoon baking powder, 1/4 teaspoon vanilla, pinch of cinnamon, 1 tablespoon coco-powder)
- Heat a griddle over medium heat and Melt in about 1/4 teaspoon of butter in the pan. Drop the batter on a hot griddle: Drop roughly 2 tablespoons of batter onto the hot griddle. This would be a good time to add the nuts, chocolate chips or berries if desired.
- Cook for 1 minutes or until the bottoms look browned and golden when you lift a corner.
- Gently flip the pancakes and cook for another minute on the other side.Transfer the cooked pancakes to a serving plate and continue cooking the rest of the batter.
- Serve Pancakes warm; they are best when eaten fresh off the griddle and still warm. Serve with maple syrup, honey, or any extra toppings.
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