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!
Pineapple Coconut Bread
Pineapple Coconut Bread is an easy quick bread that’s rich and moist with the flavors of the tropics that’s perfect for dessert or breakfast!
If you’ve tried my recipes for Easy Banana Bread, Zucchini Bread, and Vanilla Pound Cake, then you know they are a delicious and easy treat that everyone loves.
If you want brunch, breakfast or even dessert, Pineapple Coconut Bread is perfect. It’s naturally sweet from the coconut and pineapple, so you while you don’t need to add anything to it as a delicious breakfast in the morning with your coffee it can be the ultimate dessert with a drizzle of caramel sauce and some ice cream.
Pineapple Coconut Bread is rich and sweet, made with coconut, pineapple, eggs and butter.
INGREDIENTS :
- 2 cups sweetened shredded coconut
- 1/2 cup butter
- 1 1/2 cups flour
- 1/2 teaspoon baking soda
- 1/2 teaspoon salt
- 1 cup sugar
- 3 large eggs
- 1 cup sour cream
- 20 ounces crushed pineapple , drained well
INTRUCTIONS :
- Note: click on times in the instructions to start a kitchen timer while cooking.
- Preheat oven to 325 degrees and spray a loaf pan with baking spray.
- Spread coconut on a baking sheet and bake for 6 to 10 minutes shaking the tray occasionally.
- In your stand mixer add the butter and sugar and cream on high speed until light and fluffy for 1-2 minutes.
- Add the flour, baking soda, and salt into a bowl and whisk together until well mixed.
- Add eggs, one at a time until fully combined then add in the flour mixture and the sour cream alternating in batches (1/3 of the amount each time).
- Gently add in the pineapple and 1 cup of the coconut flakes with a spatula.
- Add the batter to the loaf pan then sprinkle the top with the remaining coconut.
- Bake for 65 to 70 minutes or until the cake is cooked through (test with a toothpick).
Recipe Adapted From
Pineapple Coconut Bread
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