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!
The Best Healthy Banana Bread Recipe
Five ingredients?! Wow! It’s definitely a day for banana bread 😊. I made a lemony banana loaf for breakfast. Yum!
The best moist banana bread that is so delicious you won’t know it’s healthy! You are going to love this easy to make healthy banana bread recipe.
This is my all-time favorite banana bread recipe. It is moist and full of rich banana flavor. Your search for the perfect healthy banana bread recipe stops here!
I try not to label recipes as, “The Best,” unless I really mean it. I confidently call this healthy banana bread the best. It has the sweetness, moisture and flavor that you are looking for in a loaf of banana bread, healthy or otherwise.
INGREDIENTS :
- 5 tablespoons unsalted butter or coconut oil
- 1/2 cup honey or pure maple syrup
- 1 3/4 cup mashed ripe banana about 3 1/2 large or 5 medium bananas
- 2 eggs
- 1 teaspoon baking soda
- 1/2 teaspoon salt
- 1/2 teaspoon cinnamon
- 1 teaspoon vanilla extract
- 2 cups white whole wheat flour (250 grams), or regular whole wheat or all-purpose flour
INTRUCTIONS :
- Preheat oven to 350 degrees F. Spray a 9x5-inch loaf pan with cooking spray. Lay a sheet of parchment paper across the bottom and up the sides of the pan (see photo in post above).
- Melt the butter in a large glass bowl in the microwave (or melt butter in a pot on the stove and transfer to a large mixing bowl).
- Add the honey and mashed banana to the bowl and whisk to combine. Whisk in the eggs.
- Add the baking soda, salt, cinnamon and vanilla to the bowl. Whisk until very well combined.
- Add the flour and mix with a rubber spatula until just combined. You want all of the flour to be incorporated into the batter, but try not to over-mix.
- Transfer the batter to the prepared baking pan. Bake for 55-65 minutes, until a toothpick inserted into the center of the loaf comes out clean. Check on the banana bread after 35 minutes and loosely cover with foil as needed to prevent the top from over-browning.
- Let the bread cool in the pan for 10 minutes and then transfer it to a wire rack to finish cooling.
Recipe Adapted From
The Best Healthy Banana Bread Recipe
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